Garrett Motion Inc. Plans Quarterly Dividend of $0.06 (NYSE:GTX)

Key Points

• Garrett Motion Inc. declared a quarterly dividend of $0.06 per share, with an annualized dividend of $0.24 and a yield of 1.85%, payable on September 16th to stockholders of record as of September 2nd.
• Garrett Motion stock rose 6.2% on Friday, reaching a price of $12.94, with significant trading volume surpassing its average.
• Insider selling has occurred recently, with major shareholders reducing their stakes, indicating a 0.26% and 25.20% decrease in their positions, respectively.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) declared a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Shareholders of record on Tuesday, September 2nd will be given a dividend of 0.06 per share on Tuesday, September 16th. This represents a $0.24 annualized dividend and a yield of 1.84%. The ex-dividend date is Tuesday, September 2nd.

Garrett Motion Stock Performance

NYSE:GTX traded down $0.03 during mid-day trading on Tuesday, hitting $13.06. The company had a trading volume of 1,842,352 shares, compared to its average volume of 1,869,123. Garrett Motion has a fifty-two week low of $7.01 and a fifty-two week high of $13.32. The business's fifty day moving average is $10.90 and its two-hundred day moving average is $9.97. The firm has a market cap of $2.65 billion, a P/E ratio of 10.28 and a beta of 0.01.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GTX shares. BWS Financial reiterated a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a report on Wednesday, June 25th. BNP Paribas Exane started coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. Finally, BNP Paribas started coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating for the company.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $10.46, for a total transaction of $12,515,661.96. Following the completion of the transaction, the insider directly owned 23,705,198 shares of the company's stock, valued at approximately $247,956,371.08. This represents a 4.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $10.30, for a total value of $30,900,000.00. Following the transaction, the insider directly owned 8,906,010 shares of the company's stock, valued at $91,731,903. This trade represents a 25.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,990,082 shares of company stock valued at $52,389,252 over the last three months. Insiders own 0.83% of the company's stock.

Institutional Trading of Garrett Motion

A hedge fund recently bought a new stake in Garrett Motion stock. Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion Inc. (NYSE:GTX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,033 shares of the company's stock, valued at approximately $42,000. 86.27% of the stock is currently owned by hedge funds and other 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.