Garrett Motion (NYSE:GTX) Shares Gap Up – Here’s Why

Garrett Motion Inc. (NYSE:GTX) shares 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.

Analysts Set New Price Targets

Separately, BWS Financial boosted their price objective 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.

Garrett Motion Stock Performance

The company has a market capitalization of $2.22 billion, a P/E ratio of 8.63 and a beta of -0.05. The firm’s fifty day moving average is $9.61 and its 200 day moving average is $9.23.

Garrett Motion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.19%. Garrett Motion’s dividend payout ratio is 18.60%.

Insider Buying and Selling

In other news, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of Garrett Motion stock in a transaction that occurred 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 transaction, the insider now owns 10,098,173 shares of the company’s stock, valued at $100,577,803.08. The trade was a 3.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,502,441 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $9.05, for a total value of $13,597,091.05. Following the completion of the sale, the insider now owns 25,834,957 shares of the company’s stock, valued at approximately $233,806,360.85. This trade represents a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,264,853 shares of company stock valued at $30,663,903. Insiders own 0.83% of the company’s stock.

Institutional Trading of Garrett Motion

Large investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in Garrett Motion by 85.2% in the third quarter. Barclays PLC now owns 297,022 shares of the company’s stock valued at $2,430,000 after purchasing an additional 136,600 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. acquired a new position in shares of Garrett Motion in the 4th quarter valued at about $15,442,000. Raymond James Financial Inc. purchased a new stake in shares of Garrett Motion in the fourth quarter worth about $326,000. Assenagon Asset Management S.A. boosted its stake in shares of Garrett Motion by 32.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 194,315 shares of the company’s stock worth $1,755,000 after buying an additional 47,126 shares during the last quarter. Finally, VELA Investment Management LLC acquired a new stake in Garrett Motion during the fourth quarter worth about $883,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

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.