Garrett Motion Inc. (NYSE:GTX) to Issue $0.06 Quarterly Dividend

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. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Tuesday, September 2nd.

Garrett Motion Stock Up 6.2%

Shares of GTX stock traded up $0.75 on Friday, reaching $12.94. The company had a trading volume of 3,635,049 shares, compared to its average volume of 1,862,224. The stock has a market capitalization of $2.62 billion, a PE ratio of 10.19 and a beta of 0.01. Garrett Motion has a one year low of $7.01 and a one year high of $13.08. The business's 50-day moving average is $10.84 and its 200 day moving average is $9.88.

Insiders Place Their Bets

In related news, major shareholder Cyrus Capital Partners, L.P. sold 58,829 shares of Garrett Motion stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $11.80, for a total value of $694,182.20. Following the completion of the sale, the insider owned 22,846,995 shares of the company's stock, valued at approximately $269,594,541. This trade represents a 0.26% 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 Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $10.30, for a total value of $30,900,000.00. Following the completion of the sale, the insider directly owned 8,906,010 shares of the company's stock, valued at approximately $91,731,903. This trade represents a 25.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,990,082 shares of company stock worth $52,389,252 over the last quarter. Company insiders own 0.83% of the company's stock.

Institutional Inflows and Outflows

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. BWS Financial reissued a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th. BNP Paribas Exane initiated coverage on shares of Garrett Motion in a research 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 issued an "outperform" rating 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.

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