Garrett Motion (NYSE:GTX) Major Shareholder Sells $4,655,516.48 in Stock

Key Points

• Cyrus Capital Partners, L.P. sold 350,566 shares of Garrett Motion stock for a total of $4,655,516.48, resulting in a 1.72% decrease in their ownership.
• Garrett Motion announced a quarterly dividend of $0.06 per share, with payment scheduled for September 16th, reflecting a 1.8% dividend yield.
• Several analysts have upgraded Garrett Motion's stock rating, with BNP Paribas setting an "outperform" rating and a target price of $14.00.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $13.28, for a total value of $4,655,516.48. Following the completion of the sale, the insider directly owned 20,009,945 shares in the company, valued at approximately $265,732,069.60. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 Wednesday, September 10th, Cyrus Capital Partners, L.P. sold 239,612 shares of Garrett Motion stock. The stock was sold at an average price of $13.23, for a total value of $3,170,066.76.
• 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 Stock Performance

Shares of Garrett Motion stock traded up $0.15 during midday trading on Thursday, hitting $13.36. The company had a trading volume of 3,058,213 shares, compared to its average volume of 2,114,775. The stock has a market capitalization of $2.69 billion, a P/E ratio of 10.52 and a beta of 0.27. The company has a 50 day moving average of $12.49 and a 200 day moving average of $10.72. Garrett Motion Inc. has a 52-week low of $7.01 and a 52-week high of $13.52.

Garrett Motion Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have commented on the company. BNP Paribas assumed coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating on the stock. BWS Financial reiterated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research note on Wednesday, June 25th. BNP Paribas Exane assumed coverage on Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 target price on the stock. Finally, Zacks Research downgraded Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Garrett Motion presently has an average rating of "Moderate Buy" and an average target price of $14.00.

Hedge Funds Weigh In On Garrett Motion

Several hedge funds and other institutional investors have recently modified their holdings of GTX. Northern Trust Corp lifted its holdings in shares of Garrett Motion by 18.6% during the 4th quarter. Northern Trust Corp now owns 369,976 shares of the company's stock valued at $3,341,000 after buying an additional 58,045 shares during the period. Deutsche Bank AG lifted its holdings in shares of Garrett Motion by 185.5% during the 4th quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock valued at $74,000 after buying an additional 5,329 shares during the period. Quantinno Capital Management LP bought a new position in shares of Garrett Motion during the 4th quarter valued at $361,000. Prevatt Capital Ltd lifted its holdings in shares of Garrett Motion by 18.2% during the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock valued at $29,348,000 after buying an additional 500,000 shares during the period. Finally, State of Wyoming lifted its holdings in shares of Garrett Motion by 34.4% during the 4th quarter. State of Wyoming now owns 73,968 shares of the company's stock valued at $668,000 after buying an additional 18,946 shares during the period. 86.27% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.