Garrett Motion (NYSE:GTX) Major Shareholder Cyrus Capital Partners, L.P. Sells 23,225 Shares

Key Points

• Cyrus Capital Partners, L.P. sold 23,225 shares of Garrett Motion Inc. at an average price of $13.25, totaling $307,731.25, and now holds over 20.6 million shares in the company.
• Garrett Motion announced a quarterly dividend of $0.06 per share, with an annualized yield of 1.8%, payable on September 16th.
• The stock has seen significant insider selling recently, with over 2 million shares sold by Cyrus Capital Partners in multiple transactions during August and September.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 23,225 shares of Garrett Motion stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $13.25, for a total value of $307,731.25. Following the transaction, the insider owned 20,600,123 shares in the company, valued at $272,951,629.75. This trade represents a 0.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Cyrus Capital Partners, L.P. also recently made the following trade(s):

• On Thursday, September 11th, Cyrus Capital Partners, L.P. sold 350,566 shares of Garrett Motion stock. The stock was sold at an average price of $13.28, for a total transaction of $4,655,516.48.
• On Wednesday, September 10th, Cyrus Capital Partners, L.P. sold 239,612 shares of Garrett Motion stock. The shares were sold at an average price of $13.23, for a total transaction of $3,170,066.76.
• On Friday, August 22nd, Cyrus Capital Partners, L.P. sold 500,000 shares of Garrett Motion stock. The shares were sold at an average price of $13.28, for a total transaction of $6,640,000.00.
• On Wednesday, August 20th, Cyrus Capital Partners, L.P. sold 5,000 shares of Garrett Motion stock. The stock was sold at an average price of $13.25, for a total transaction of $66,250.00.
• On Tuesday, August 19th, Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock. The shares were sold at an average price of $13.00, for a total transaction of $16,900,000.00.
• On Monday, August 4th, Cyrus Capital Partners, L.P. sold 200 shares of Garrett Motion stock. The stock was sold at an average price of $13.01, for a total value of $2,602.00.
• On Friday, August 1st, Cyrus Capital Partners, L.P. sold 705 shares of Garrett Motion stock. The shares were sold at an average price of $13.02, for a total value of $9,179.10.
• On Thursday, July 31st, Cyrus Capital Partners, L.P. sold 90,542 shares of Garrett Motion stock. The stock was sold at an average price of $13.05, for a total value of $1,181,573.10.
• 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 Tuesday, July 29th, Cyrus Capital Partners, L.P. sold 50,000 shares of Garrett Motion stock. The stock was sold at an average price of $13.05, for a total transaction of $652,500.00.

Garrett Motion Trading Up 1.1%

Shares of NYSE GTX traded up $0.15 during midday trading on Thursday, reaching $13.36. The company's stock had a trading volume of 3,058,213 shares, compared to its average volume of 2,114,775. Garrett Motion Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $13.52. The stock has a 50 day simple moving average of $12.49 and a 200-day simple moving average of $10.72. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 10.52 and a beta of 0.27.

Garrett Motion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's dividend payout ratio is presently 16.78%.

Institutional Investors Weigh In On Garrett Motion

Hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion in the first quarter valued at approximately $42,000. Tower Research Capital LLC TRC bought a new position in Garrett Motion during the 2nd quarter worth $45,000. Amalgamated Bank acquired a new stake in shares of Garrett Motion during the second quarter worth $46,000. Caitong International Asset Management Co. Ltd grew its stake 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 valued at $47,000 after acquiring an additional 4,423 shares in the last quarter. Finally, Vestcor Inc bought a new position in Garrett Motion during the first quarter worth about $61,000. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on GTX. Zacks Research lowered Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. BWS Financial restated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th. BNP Paribas initiated coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating for the company. Finally, BNP Paribas Exane initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

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.

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