Garrett Motion Inc. (NYSE:GTX) Raises Dividend to $0.08 Per Share

Key Points

• Garrett Motion Inc. has raised its quarterly dividend by 33.3% to $0.08 per share, with the payment scheduled for December 15th to investors recorded by December 1st.
• The company reported a net revenue increase of 9.2% year-over-year and exceeded earnings estimates with $0.38 EPS in its latest quarterly results.
• Recent insider trading activity revealed a significant 65.50% reduction in shares held by Centerbridge Credit Partners, along with various institutional investments made during the second quarter.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) declared a quarterly dividend on Thursday, October 23rd. Investors of record on Monday, December 1st will be paid a dividend of 0.08 per share on Monday, December 15th. This represents a c) annualized dividend and a yield of 2.1%. The ex-dividend date is Monday, December 1st. This is a 33.3% increase from Garrett Motion's previous quarterly dividend of $0.06.

Garrett Motion Trading Up 19.3%

Shares of NYSE:GTX opened at $14.93 on Friday. The company has a 50 day moving average of $13.20 and a 200 day moving average of $11.64. The stock has a market cap of $3.01 billion, a P/E ratio of 11.76 and a beta of 0.37. Garrett Motion has a 12 month low of $7.01 and a 12 month high of $15.75.

Garrett Motion (NYSE:GTX - Get Free Report) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. The company's quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. Garrett Motion has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Garrett Motion will post 1.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the sale, the insider directly owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the completion of the sale, the insider owned 20,009,945 shares of the company's stock, valued at approximately $265,732,069.60. The trade was a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,685,545 shares of company stock valued at $145,663,491. Company insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in Garrett Motion during the 2nd quarter valued at $45,000. Amalgamated Bank bought a new stake in Garrett Motion during the 2nd quarter valued at $46,000. Caitong International Asset Management Co. Ltd raised its holdings in 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 buying an additional 4,423 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Garrett Motion during the 1st quarter valued at $42,000. Finally, Skandinaviska Enskilda Banken AB publ bought a new stake in Garrett Motion during the 2nd quarter valued at $61,000. 86.27% of the stock is currently owned by institutional investors.

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.

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