Insider Selling: Garrett Motion Inc. (NYSE:GTX) Major Shareholder Sells 3,000,000 Shares of Stock

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 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 transaction, the insider now owns 8,906,010 shares of the company's stock, valued at $91,731,903. This trade represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Garrett Motion Stock Down 0.6%

NYSE:GTX traded down $0.06 during midday trading on Friday, hitting $10.62. The company had a trading volume of 2,357,446 shares, compared to its average volume of 1,171,980. Garrett Motion Inc. has a 52-week low of $7.02 and a 52-week high of $12.09. The stock's fifty day moving average price is $9.81 and its 200-day moving average price is $9.35. The company has a market capitalization of $2.15 billion, a PE ratio of 8.36 and a beta of -0.05.

Garrett Motion Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.26%. Garrett Motion's dividend payout ratio (DPR) is presently 18.60%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTX. Jones Financial Companies Lllp purchased a new position in Garrett Motion in the first quarter worth $42,000. Vestcor Inc purchased a new position in Garrett Motion in the first quarter worth $61,000. Quarry LP grew its position in Garrett Motion by 180.3% in the fourth quarter. Quarry LP now owns 7,755 shares of the company's stock worth $70,000 after acquiring an additional 4,988 shares in the last quarter. Deutsche Bank AG lifted its stake in Garrett Motion by 185.5% in the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company's stock worth $74,000 after purchasing an additional 5,329 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in Garrett Motion in the first quarter worth $94,000. 86.27% of the stock is currently owned by hedge funds and other 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.