Garrett Motion (NYSE:GTX) Major Shareholder Sells $3,170,066.76 in Stock

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 firm's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $13.23, for a total transaction of $3,170,066.76. Following the completion of the transaction, the insider directly owned 20,360,511 shares of the company's stock, valued at approximately $269,369,560.53. This trade represents a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own more than 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 value of $4,655,516.48.
• On Tuesday, September 9th, Cyrus Capital Partners, L.P. sold 23,225 shares of Garrett Motion stock. The stock was sold at an average price of $13.25, for a total value of $307,731.25.
• On Friday, August 22nd, Cyrus Capital Partners, L.P. sold 500,000 shares of Garrett Motion stock. The stock was sold at an average price of $13.28, for a total value 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 value of $66,250.00.
• On Tuesday, August 19th, Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock. The stock was sold at an average price of $13.00, for a total value 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 stock was 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 stock was 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 value of $652,500.00.

Garrett Motion Price Performance

Shares of NYSE:GTX traded down $0.11 on Tuesday, hitting $13.02. 3,435,491 shares of the company's stock were exchanged, compared to its average volume of 2,116,308. Garrett Motion Inc. has a 12 month low of $7.01 and a 12 month high of $13.52. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 10.25 and a beta of 0.27. The business's 50 day simple moving average is $12.65 and its two-hundred day simple moving average is $10.82.

Garrett Motion Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 2nd. 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 added to or reduced their stakes in the stock. Deutsche Bank AG grew its stake in Garrett Motion by 14.4% in the first quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock valued at $79,000 after purchasing an additional 1,181 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Garrett Motion by 2.3% during the second quarter. Raymond James Financial Inc. now owns 77,365 shares of the company's stock worth $813,000 after acquiring an additional 1,759 shares during the last quarter. Garden State Investment Advisory Services LLC grew its stake in shares of Garrett Motion by 16.4% during the second quarter. Garden State Investment Advisory Services LLC now owns 13,667 shares of the company's stock worth $144,000 after acquiring an additional 1,922 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Garrett Motion by 5.7% during the second quarter. Bank of Montreal Can now owns 58,021 shares of the company's stock worth $610,000 after acquiring an additional 3,106 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Garrett Motion during the second quarter worth about $45,000. Hedge funds and other institutional investors own 86.27% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. BWS Financial reiterated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th. Zacks Research downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. BNP Paribas assumed coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating for the company. Finally, BNP Paribas Exane initiated coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 target price for the company. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Garrett Motion has a consensus rating of "Moderate Buy" and a consensus 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.