Garrett Motion (NYSE:GTX) Sees Large Volume Increase - Here's What Happened

Garrett Motion Inc. (NYSE:GTX - Get Free Report) saw strong trading volume on Wednesday . 2,770,592 shares traded 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 boosted their price target on shares of Garrett Motion from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, May 2nd.

Garrett Motion Stock Performance

The business's 50-day moving average price is $9.81 and its 200 day moving average price is $9.35. The stock has a market capitalization of $2.15 billion, a PE ratio of 8.36 and a beta of -0.05.

Garrett Motion Announces Dividend

The company also recently declared a quarterly 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. The ex-dividend date is Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.26%. Garrett Motion's dividend payout ratio (DPR) is currently 18.60%.

Insider Buying and Selling

In related news, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total value of $1,350,000.00. Following the completion of the transaction, the insider now directly owns 25,434,957 shares in the company, valued at approximately $228,914,613. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Special Credit Pa Centerbridge sold 500,000 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $9.45, for a total transaction of $4,725,000.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,827,441 shares of company stock worth $57,209,041. Corporate insiders own 0.83% of the company's stock.

Institutional Trading of Garrett Motion

Hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp bought a new stake in Garrett Motion in the first quarter worth $42,000. Vestcor Inc bought a new stake in Garrett Motion in the first quarter worth $61,000. Quarry LP lifted its stake in Garrett Motion by 180.3% in the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock worth $70,000 after purchasing an additional 4,988 shares during the last quarter. Deutsche Bank AG lifted its stake in Garrett Motion by 185.5% in the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock worth $74,000 after purchasing an additional 5,329 shares during the last quarter. Finally, Savant Capital LLC bought a new stake in Garrett Motion in the fourth quarter worth $96,000. 86.27% of the stock is 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.