Garrett Motion (NYSE:GTX) Hits New 1-Year High Following Dividend Announcement

Garrett Motion Inc. (NYSE:GTX - Get Free Report) reached a new 52-week high during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $10.69 and last traded at $10.75, with a volume of 199543 shares trading hands. The stock had previously closed at $10.20.

The newly announced dividend which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, June 2nd. Garrett Motion's payout ratio is currently 18.60%.

Analysts Set New Price Targets

Separately, BWS Financial lifted their price target on shares of Garrett Motion from $12.00 to $14.00 and gave the company a "buy" rating in a report on Friday, May 2nd.

Garrett Motion Stock Down 0.1 %

The stock has a market capitalization of $2.29 billion, a PE ratio of 8.85 and a beta of -0.05. The stock's 50 day moving average price is $8.99 and its 200-day moving average price is $8.89.

Insider Buying and Selling

In related news, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of Garrett Motion stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.96, for a total value of $3,479,535.96. Following the completion of the transaction, the insider now owns 10,098,173 shares in the company, valued at $100,577,803.08. The trade was a 3.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,502,441 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $9.05, for a total value of $13,597,091.05. Following the completion of the sale, the insider now directly owns 25,834,957 shares in the company, valued at approximately $233,806,360.85. The trade was a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,109,853 shares of company stock valued at $28,920,153 over the last three months. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garrett Motion

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System grew its stake in Garrett Motion by 11.4% during the 4th quarter. Arizona State Retirement System now owns 25,362 shares of the company's stock valued at $229,000 after acquiring an additional 2,586 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Garrett Motion by 5.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 72,919 shares of the company's stock worth $653,000 after buying an additional 3,774 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Garrett Motion by 14.3% in the 4th quarter. HighTower Advisors LLC now owns 31,101 shares of the company's stock worth $281,000 after acquiring an additional 3,880 shares during the last quarter. Quarry LP boosted its position in shares of Garrett Motion by 180.3% during the 4th quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after acquiring an additional 4,988 shares during the last quarter. Finally, Mariner LLC raised its position in shares of Garrett Motion by 35.6% during the 4th quarter. Mariner LLC now owns 19,434 shares of the company's stock valued at $175,000 after buying an additional 5,107 shares during the period. Hedge funds and other institutional investors own 86.27% of the company's stock.

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.