Garrett Motion Inc. (NYSE:GTX) Major Shareholder Sells $652,500.00 in Stock

Key Points

• Cyrus Capital Partners, L.P., a major shareholder of Garrett Motion Inc., sold 50,000 shares of the company for $652,500, decreasing their position by 0.22%.
• Garrett Motion has declared a quarterly dividend of $0.06 per share, payable on September 16, 2023, which represents an annualized yield of 1.84%.
• Analysts have recently set a price target of $14.00 on Garrett Motion's stock, with ratings indicating an "outperform" status from firms like BNP Paribas.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 50,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $13.05, for a total transaction of $652,500.00. Following the completion of the transaction, the insider directly owned 22,703,661 shares in the company, valued at $296,282,776.05. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% 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 Wednesday, July 30th, Cyrus Capital Partners, L.P. sold 32,361 shares of Garrett Motion stock. The stock was sold at an average price of $13.03, for a total transaction of $421,663.83.
• On Monday, July 28th, Cyrus Capital Partners, L.P. sold 93,334 shares of Garrett Motion stock. The shares were sold at an average price of $13.14, for a total transaction 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 transaction of $694,182.20.
• On Monday, July 21st, Cyrus Capital Partners, L.P. sold 43 shares of Garrett Motion stock. The shares were 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $3,330,000.00.
• On Wednesday, July 2nd, Cyrus Capital Partners, L.P. sold 51,865 shares of Garrett Motion stock. The shares were sold at an average price of $11.00, for a total transaction of $570,515.00.

Garrett Motion Price Performance

GTX stock traded down $0.15 during mid-day trading on Friday, reaching $12.89. 1,674,974 shares of the company traded hands, compared to its average volume of 1,869,201. The company has a market capitalization of $2.60 billion, a P/E ratio of 10.15 and a beta of 0.01. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $13.32. The company has a fifty day moving average price of $11.03 and a 200-day moving average price of $10.05.

Garrett Motion Announces Dividend

The business 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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's payout ratio is presently 16.78%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GTX. Janney Montgomery Scott LLC purchased a new stake in Garrett Motion in the first quarter valued at approximately $2,722,000. SG Americas Securities LLC bought a new position in shares of Garrett Motion in the 1st quarter worth $381,000. Victory Capital Management Inc. raised its position in shares of Garrett Motion by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company's stock valued at $10,802,000 after buying an additional 54,978 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Garrett Motion during the 1st quarter valued at $12,945,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Garrett Motion during the 4th quarter worth $326,000. Hedge funds and other institutional investors own 86.27% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. BNP Paribas began coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating on the stock. BWS Financial reaffirmed a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th. Finally, BNP Paribas Exane began coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 target price for the company.

Garrett Motion Company Profile

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.