Garrett Motion Inc. (NYSE:GTX) Major Shareholder Centerbridge Credit Partners M Sells 3,000,000 Shares

Garrett Motion Inc. (NYSE:GTX - Get Free Report) major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $10.30, for a total value 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 $91,731,903. The trade was a 25.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Garrett Motion Trading Down 0.5%

Shares of GTX stock traded down $0.05 during trading hours on Tuesday, reaching $10.14. 1,937,083 shares of the company's stock were exchanged, compared to its average volume of 1,182,010. The stock's 50 day moving average is $9.87 and its 200-day moving average is $9.38. Garrett Motion Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $12.09. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 7.98 and a beta of -0.05.

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, June 2nd. Garrett Motion's payout ratio is 18.60%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Garrett Motion

Several hedge funds have recently made changes to their positions in GTX. Barclays PLC increased its position in shares of Garrett Motion by 85.2% in the 3rd quarter. Barclays PLC now owns 297,022 shares of the company's stock valued at $2,430,000 after acquiring an additional 136,600 shares during the period. Financial Advocates Investment Management acquired a new position in shares of Garrett Motion in the 4th quarter valued at $191,000. Savant Capital LLC acquired a new position in shares of Garrett Motion in the 4th quarter valued at $96,000. Four Tree Island Advisory LLC acquired a new position in shares of Garrett Motion in the 4th quarter valued at $3,060,000. Finally, Handelsbanken Fonder AB boosted its holdings in Garrett Motion by 57.4% in the fourth quarter. Handelsbanken Fonder AB now owns 31,800 shares of the company's stock valued at $287,000 after purchasing an additional 11,600 shares during the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.

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.