Insider Selling: Garrett Motion Inc. (NYSE:GTX) Major Shareholder Sells 32,361 Shares of Stock

Key Points

• Cyrus Capital Partners, L.P. sold 32,361 shares of Garrett Motion Inc. at an average price of $13.03, totaling $421,663.83, reducing their ownership by 0.14%.
• Garrett Motion declared a quarterly dividend of $0.06 per share, set to be paid on September 16th, which represents an annual yield of 1.84%.
• Wall Street analysts showed confidence in Garrett Motion, with BWS Financial and BNP Paribas recently reiterating a "buy" rating and setting a price target of $14.00.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 32,361 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $13.03, for a total value of $421,663.83. Following the completion of the transaction, the insider directly owned 22,671,300 shares of the company's stock, valued at approximately $295,407,039. The trade was a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Cyrus Capital Partners, L.P. also recently made the following trade(s):

• On Tuesday, July 29th, Cyrus Capital Partners, L.P. sold 50,000 shares of Garrett Motion stock. The shares were sold at an average price of $13.05, for a total value of $652,500.00.
• On Monday, July 28th, Cyrus Capital Partners, L.P. sold 93,334 shares of Garrett Motion stock. The stock was sold at an average price of $13.14, for a total value of $1,226,408.76.
• On Wednesday, July 23rd, Cyrus Capital Partners, L.P. sold 58,829 shares of Garrett Motion stock. The stock was sold at an average price of $11.80, for a total value of $694,182.20.
• On Monday, July 21st, Cyrus Capital Partners, L.P. sold 43 shares of Garrett Motion stock. The stock was sold at an average price of $11.76, for a total value of $505.68.
• On Friday, July 18th, Cyrus Capital Partners, L.P. sold 1,172 shares of Garrett Motion stock. The shares were sold at an average price of $11.76, for a total value of $13,782.72.
• On Thursday, July 17th, Cyrus Capital Partners, L.P. sold 24,033 shares of Garrett Motion stock. The shares were sold at an average price of $11.82, for a total value of $284,070.06.
• On Wednesday, July 16th, Cyrus Capital Partners, L.P. sold 51,718 shares of Garrett Motion stock. The shares were sold at an average price of $11.63, for a total value of $601,480.34.
• On Thursday, July 10th, Cyrus Capital Partners, L.P. sold 150,896 shares of Garrett Motion stock. The shares were sold at an average price of $11.50, for a total value of $1,735,304.00.
• On Monday, July 7th, Cyrus Capital Partners, L.P. sold 300,000 shares of Garrett Motion stock. The shares were sold at an average price of $11.10, for a total value of $3,330,000.00.
• On Wednesday, July 2nd, Cyrus Capital Partners, L.P. sold 51,865 shares of Garrett Motion stock. The stock was sold at an average price of $11.00, for a total value of $570,515.00.

Garrett Motion Stock Down 1.2%

Shares of GTX stock traded down $0.15 during trading hours on Friday, reaching $12.89. The company's stock had a trading volume of 1,674,974 shares, compared to its average volume of 1,869,201. The firm's 50 day simple moving average is $11.03 and its 200-day simple moving average is $10.04. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 10.15 and a beta of 0.01. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $13.32.

Garrett Motion Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's dividend payout ratio (DPR) is currently 16.78%.

Institutional Investors Weigh In On Garrett Motion

A number of large investors have recently modified their holdings of the business. Teacher Retirement System of Texas boosted its holdings in shares of Garrett Motion by 50.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 258,734 shares of the company's stock valued at $2,719,000 after acquiring an additional 87,280 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of Garrett Motion by 153.5% during the 2nd quarter. AlphaQuest LLC now owns 38,675 shares of the company's stock valued at $406,000 after acquiring an additional 23,420 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Garrett Motion by 4,655.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company's stock valued at $47,000 after acquiring an additional 4,423 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Garrett Motion during the 2nd quarter valued at $342,000. Finally, William Blair Investment Management LLC boosted its holdings in shares of Garrett Motion by 2.6% during the 2nd quarter. William Blair Investment Management LLC now owns 5,110,528 shares of the company's stock valued at $53,712,000 after acquiring an additional 128,479 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on GTX shares. BNP Paribas initiated coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating on the stock. BNP Paribas Exane initiated coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective on the stock. Finally, BWS Financial restated a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a research note on Wednesday, June 25th.

About Garrett Motion

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.