Garrett Motion (NYSE:GTX) Shares Gap Down - What's Next?

Shares of Garrett Motion Inc. (NYSE:GTX - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $11.90, but opened at $11.20. Garrett Motion shares last traded at $10.85, with a volume of 626,910 shares changing hands.

Analysts Set New Price Targets

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

Garrett Motion Price Performance

The company has a 50-day moving average of $9.61 and a two-hundred day moving average of $9.25. The stock has a market capitalization of $2.22 billion, a PE ratio of 8.63 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. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.06 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.19%. Garrett Motion's dividend payout ratio is presently 18.60%.

Insider Transactions at Garrett Motion

In other news, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of the 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 completion of the sale, the insider now owns 10,098,173 shares of the company's stock, valued at $100,577,803.08. This represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 155,000 shares of the firm's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $11.25, for a total transaction of $1,743,750.00. Following the completion of the transaction, the insider now directly owns 25,151,724 shares in the company, valued at approximately $282,956,895. This represents a 0.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,264,853 shares of company stock worth $30,663,903 in the last three months. 0.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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