Insider Selling: Garrett Motion Inc. (NYSE:GTX) Insider Sells 9,000,000 Shares of Stock

Key Points

• Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion Inc. at an average price of $12.27, totaling approximately $110.4 million, and now owns 4,740,569 shares, marking a 65.5% decrease in ownership.
• Garrett Motion announced a quarterly dividend of $0.06 per share, which will be paid on September 16, representing an annualized dividend of $0.24 and a yield of 1.9%.
• Analysts from BWS Financial and BNP Paribas both issued "buy" and "outperform" ratings for Garrett Motion, with a price target of $14.00.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) insider Centerbridge Credit Partners M sold 9,000,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the transaction, the insider directly owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Centerbridge Credit Partners M also recently made the following trade(s):

• On Thursday, May 29th, Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock. The shares were sold at an average price of $10.30, for a total value of $30,900,000.00.

Garrett Motion Trading Up 0.9%

NYSE:GTX traded up $0.12 during trading hours on Monday, hitting $12.97. The company had a trading volume of 3,913,404 shares, compared to its average volume of 1,953,235. The company has a 50-day moving average of $11.47 and a 200 day moving average of $10.27. The company has a market cap of $2.61 billion, a P/E ratio of 10.21 and a beta of 0.01. Garrett Motion Inc. has a 1 year low of $7.01 and a 1 year high of $13.32.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's dividend payout ratio is presently 16.78%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GTX shares. BNP Paribas started coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating for the company. BNP Paribas Exane started coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 target price for the company. Finally, BWS Financial restated a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th.

Hedge Funds Weigh In On Garrett Motion

Hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC purchased a new position in shares of Garrett Motion during the 1st quarter worth $2,722,000. SG Americas Securities LLC purchased a new position in shares of Garrett Motion during the 1st quarter worth $381,000. Victory Capital Management Inc. grew its holdings in shares of Garrett Motion by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company's stock worth $10,802,000 after purchasing an additional 54,978 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Garrett Motion during the 1st quarter worth $12,945,000. Finally, First Trust Advisors LP grew its holdings in shares of Garrett Motion by 105.1% during the 4th quarter. First Trust Advisors LP now owns 226,506 shares of the company's stock worth $2,045,000 after purchasing an additional 116,086 shares during the period. 86.27% of the stock is currently 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.