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

Shares of Garrett Motion Inc. (NYSE:GTX - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 1,726,535 shares were traded during mid-day trading, an increase of 41% from the previous session's volume of 1,225,888 shares.The stock last traded at $9.86 and had previously closed at $9.72.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research note on Wednesday.

Garrett Motion Price Performance

The company has a fifty day moving average price of $10.48 and a 200 day moving average price of $9.58. The company has a market cap of $2.13 billion, a PE ratio of 8.26 and a beta of 0.02.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date was Monday, June 2nd. Garrett Motion's dividend payout ratio is currently 18.60%.

Insider Buying and Selling

In other Garrett Motion news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $10.30, for a total transaction of $30,900,000.00. Following the completion of the sale, the insider now directly owns 8,906,010 shares in the company, valued at $91,731,903. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the firm's stock in a transaction dated 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 transaction, the insider now directly owns 25,434,957 shares in the company, valued at $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. Over the last ninety days, insiders sold 4,807,441 shares of company stock worth $47,590,841. Corporate insiders own 0.83% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

Several institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new position in Garrett Motion in the 4th quarter worth approximately $326,000. VELA Investment Management LLC bought a new position in shares of Garrett Motion in the fourth quarter worth approximately $883,000. Sterling Capital Management LLC grew its holdings in shares of Garrett Motion by 41.1% in the fourth quarter. Sterling Capital Management LLC now owns 233,895 shares of the company's stock worth $2,112,000 after purchasing an additional 68,093 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Garrett Motion by 105.1% in the fourth quarter. First Trust Advisors LP now owns 226,506 shares of the company's stock worth $2,045,000 after buying an additional 116,086 shares during the period. Finally, Northern Trust Corp raised its holdings in 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 last quarter. 86.27% of the stock is currently owned by hedge funds and other 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.