Garrett Motion (NYSE:GTX) Major Shareholder Cyrus Capital Partners, L.P. Sells 239,612 Shares

Key Points

• Cyrus Capital Partners, L.P. sold a total of 239,612 shares of Garrett Motion stock at an average price of $13.23, amounting to approximately $3.17 million, resulting in a 1.16% decrease in their ownership.
• Garrett Motion has announced a quarterly dividend of $0.06 per share, which will be paid on September 16th, representing a 1.8% yield on an annualized basis.
• The company currently holds a market capitalization of $2.69 billion, with stock performance showing a 1-year low of $7.01 and a high of $13.52.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 239,612 shares of the business's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $13.23, for a total transaction of $3,170,066.76. Following the sale, the insider directly owned 20,360,511 shares in the company, valued at approximately $269,369,560.53. This represents a 1.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 Tuesday, September 9th, Cyrus Capital Partners, L.P. sold 23,225 shares of Garrett Motion stock. The shares were sold at an average price of $13.25, for a total transaction of $307,731.25.
• 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 shares were 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 shares were sold at an average price of $13.01, for a total transaction 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 transaction of $9,179.10.
• On Thursday, July 31st, Cyrus Capital Partners, L.P. sold 90,542 shares of Garrett Motion stock. The shares were sold at an average price of $13.05, for a total transaction of $1,181,573.10.
• On Wednesday, July 30th, Cyrus Capital Partners, L.P. sold 32,361 shares of Garrett Motion stock. The stock was sold at an average price of $13.03, for a total transaction 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 Stock Performance

NYSE GTX traded up $0.15 during mid-day trading on Thursday, reaching $13.36. 3,058,213 shares of the stock were exchanged, compared to its average volume of 2,114,775. Garrett Motion Inc. has a 1-year low of $7.01 and a 1-year high of $13.52. The business's fifty day simple moving average is $12.49 and its 200 day simple moving average is $10.72. The stock has a market capitalization of $2.69 billion, a PE ratio of 10.52 and a beta of 0.27.

Garrett Motion Dividend Announcement

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

Hedge Funds Weigh In On Garrett Motion

Several institutional investors and hedge funds have recently bought and sold shares of GTX. Gates Capital Management Inc. increased its position in shares of Garrett Motion by 53.1% in the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock worth $56,879,000 after acquiring an additional 2,358,294 shares in the last quarter. New South Capital Management Inc. increased its position in shares of Garrett Motion by 65.3% in the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after acquiring an additional 1,645,460 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Garrett Motion in the first quarter worth $12,945,000. Geode Capital Management LLC increased its position in shares of Garrett Motion by 92.3% in the second quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company's stock worth $32,100,000 after acquiring an additional 1,466,048 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Garrett Motion by 103.4% in the second quarter. Marshall Wace LLP now owns 1,846,068 shares of the company's stock worth $19,402,000 after acquiring an additional 938,312 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company's stock.

Analyst Ratings Changes

GTX has been the topic of a number of analyst reports. BNP Paribas initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. BWS Financial reaffirmed a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research report on Wednesday, June 25th. Finally, BNP Paribas Exane began coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target for the company. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $14.00.

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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