Insider Selling: Garrett Motion Inc. (NYSE:GTX) Major Shareholder Sells 50,000 Shares of 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 company's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $13.05, for a total value of $652,500.00. Following the completion of the sale, the insider owned 22,703,661 shares in the company, valued at $296,282,776.05. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases 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 shares were sold at an average price of $13.03, for a total value of $421,663.83.
• 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 stock was 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 stock was 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 stock was 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 stock was 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 Garrett Motion stock traded down $0.15 during midday trading on Friday, hitting $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 has a market capitalization of $2.60 billion, a P/E ratio of 10.15 and a beta of 0.01. The stock has a 50-day simple moving average of $11.03 and a 200-day simple moving average of $10.04. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.32.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be given a $0.06 dividend. This represents a $0.24 annualized dividend 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 16.78%.

Institutional Trading of Garrett Motion

Hedge funds and other institutional investors have recently modified their holdings of the business. Deutsche Bank AG boosted its position in Garrett Motion by 14.4% during the first quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock valued at $79,000 after purchasing an additional 1,181 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Garrett Motion by 5.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 72,919 shares of the company's stock worth $653,000 after buying an additional 3,774 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Garrett Motion by 14.3% in the fourth quarter. HighTower Advisors LLC now owns 31,101 shares of the company's stock worth $281,000 after buying an additional 3,880 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Garrett Motion by 1.3% in the second quarter. Janney Montgomery Scott LLC now owns 329,626 shares of the company's stock worth $3,464,000 after buying an additional 4,374 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Garrett Motion by 4,655.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company's stock worth $47,000 after buying an additional 4,423 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on GTX. BWS Financial restated a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th. BNP Paribas started coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating on the stock. Finally, BNP Paribas Exane initiated coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 target price on the stock.

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.