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

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

The newly announced dividend which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Monday, June 2nd. Garrett Motion's payout ratio is 18.60%.

Analyst Upgrades and Downgrades

Separately, BWS Financial increased their price target on Garrett Motion from $12.00 to $14.00 and gave the company a "buy" rating in a report on Friday.

Garrett Motion Trading Up 2.8 %

The stock has a market cap of $2.28 billion, a P/E ratio of 8.79 and a beta of -0.05. The firm's fifty day moving average is $8.96 and its 200 day moving average is $8.87.

Insider Activity

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

Hedge Funds Weigh In On Garrett Motion

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of Garrett Motion by 85.2% during the 3rd quarter. Barclays PLC now owns 297,022 shares of the company's stock worth $2,430,000 after purchasing an additional 136,600 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Garrett Motion by 32.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 194,315 shares of the company's stock worth $1,755,000 after buying an additional 47,126 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Garrett Motion by 20,649.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 63,493 shares of the company's stock valued at $573,000 after buying an additional 63,187 shares during the period. ARS Investment Partners LLC acquired a new position in shares of Garrett Motion in the 4th quarter valued at $181,000. Finally, Financial Advocates Investment Management bought a new position in shares of Garrett Motion during the 4th quarter worth about $191,000. 86.27% of the stock is currently owned by institutional investors.

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.