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

Garrett Motion Inc. (NYSE:GTX - Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 1,489,268 shares changed hands during trading, a decline of 8% from the previous session's volume of 1,625,273 shares.The stock last traded at $10.29 and had previously closed at $10.15.

Wall Street Analysts Forecast Growth

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

Garrett Motion Trading Up 0.4%

The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 8.06 and a beta of 0.02. The company's 50 day moving average is $9.98 and its 200-day moving average is $9.44.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.35%. Garrett Motion's dividend payout ratio (DPR) is presently 18.60%.

Insiders Place Their Bets

In other news, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of Garrett Motion stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock in a transaction that occurred on 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 owns 8,906,010 shares of the company's stock, valued at approximately $91,731,903. The trade was a 25.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,807,441 shares of company stock worth $47,590,841 over the last three months. Insiders own 0.83% of the company's stock.

Institutional Trading of Garrett Motion

Several institutional investors and hedge funds have recently modified their holdings of the business. Gates Capital Management Inc. lifted its position in shares of Garrett Motion by 53.1% during the 1st quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock worth $56,879,000 after buying an additional 2,358,294 shares during the last quarter. New South Capital Management Inc. lifted its position in shares of Garrett Motion by 65.3% during the 1st quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after buying an additional 1,645,460 shares during the last quarter. Prevatt Capital Ltd lifted its position in shares of Garrett Motion by 18.2% during the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock worth $29,348,000 after buying an additional 500,000 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Garrett Motion by 10.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company's stock worth $25,886,000 after buying an additional 278,107 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Garrett Motion by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock worth $19,285,000 after buying an additional 62,844 shares during the last quarter. 86.27% of the stock is currently owned by 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.