Garrett Motion (NYSE:GTX) Sees Strong Trading Volume - Here's What Happened

Garrett Motion Inc. (NYSE:GTX - Get Free Report) saw strong trading volume on Wednesday . 2,770,592 shares changed hands during trading, an increase of 145% from the previous session's volume of 1,133,051 shares.The stock last traded at $11.00 and had previously closed at $11.28.

Wall Street Analyst Weigh In

Separately, BWS Financial increased their price objective on Garrett Motion from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, May 2nd.

Garrett Motion Stock Performance

The company has a 50 day moving average of $9.81 and a 200 day moving average of $9.36. The firm has a market cap of $2.06 billion, a P/E ratio of 8.02 and a beta of -0.05.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a $0.06 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.36%. Garrett Motion's dividend payout ratio (DPR) is currently 18.60%.

Insider Buying and Selling at Garrett Motion

In other Garrett Motion news, major shareholder Special Credit Pa Centerbridge sold 500,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $9.45, for a total value of $4,725,000.00. Following the sale, the insider now owns 9,949,894 shares of the company's stock, valued at $94,026,498.30. This trade represents a 4.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the insider now directly owns 25,434,957 shares of the company's stock, valued at approximately $228,914,613. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,827,441 shares of company stock worth $57,209,041 over the last 90 days. Insiders own 0.83% of the company's stock.

Hedge Funds Weigh In On Garrett Motion

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Deutsche Bank AG boosted its stake in shares of Garrett Motion by 14.4% in the 1st 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 in the last quarter. Arizona State Retirement System boosted its position in Garrett Motion by 11.4% in the fourth quarter. Arizona State Retirement System now owns 25,362 shares of the company's stock valued at $229,000 after buying an additional 2,586 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Garrett Motion by 5.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 72,919 shares of the company's stock valued at $653,000 after buying an additional 3,774 shares in the last quarter. HighTower Advisors LLC grew its stake in Garrett Motion by 14.3% during the fourth quarter. HighTower Advisors LLC now owns 31,101 shares of the company's stock worth $281,000 after buying an additional 3,880 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock worth $70,000 after buying an additional 4,988 shares in the last quarter. Institutional investors own 86.27% of the company's stock.

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.