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

Garrett Motion Inc. (NYSE:GTX - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $10.35, but opened at $11.36. Garrett Motion shares last traded at $11.39, with a volume of 625,595 shares traded.

Analyst Upgrades and Downgrades

Separately, BWS Financial lifted their price objective on shares of 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 Down 2.0%

The company has a market capitalization of $2.22 billion, a P/E ratio of 8.63 and a beta of -0.05. The business has a 50 day simple moving average of $9.61 and a 200-day simple moving average of $9.24.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Monday, June 2nd. Garrett Motion's payout ratio is 18.60%.

Insider Buying and Selling at Garrett Motion

In related news, major shareholder Special Credit Pa Centerbridge sold 520,000 shares of Garrett Motion stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $9.41, for a total transaction of $4,893,200.00. Following the sale, the insider now directly owns 9,795,684 shares in the company, valued at $92,177,386.44. The trade was a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 155,000 shares of Garrett Motion stock in a transaction dated 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 sale, the insider now owns 25,151,724 shares in the company, valued at approximately $282,956,895. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,264,853 shares of company stock worth $30,663,903. 0.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Garrett Motion

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp bought a new stake in shares of Garrett Motion during the first quarter valued at about $42,000. Vestcor Inc bought a new stake in shares of Garrett Motion during the first quarter valued at about $61,000. Quarry LP raised its stake in shares of Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock valued at $70,000 after purchasing an additional 4,988 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Garrett Motion by 185.5% during the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock valued at $74,000 after purchasing an additional 5,329 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Garrett Motion during the first quarter valued at about $94,000. 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.