Garrett Motion (NYSE:GTX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Garrett Motion Inc. (NYSE:GTX) saw strong trading volume on Tuesday . 1,726,535 shares were traded during trading, an increase of 41% from the previous session’s volume of 1,225,888 shares.The stock last traded at $9.86 and had previously closed at $9.72.

Analyst Ratings Changes

Separately, BWS Financial upped their price objective on 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 cap of $2.02 billion, a P/E ratio of 7.85 and a beta of 0.02. The business’s fifty day moving average is $10.41 and its two-hundred day moving average is $9.57.

Garrett Motion Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.41%. Garrett Motion’s payout ratio is 18.60%.

Insiders Place Their Bets

In other news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the business’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $10.30, for a total value of $30,900,000.00. Following the completion of the transaction, the insider now directly owns 8,906,010 shares of the company’s stock, valued at approximately $91,731,903. The trade was a 25.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the company’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $9.00, for a total value of $1,350,000.00. Following the sale, the insider now owns 25,434,957 shares of the company’s stock, valued at $228,914,613. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,807,441 shares of company stock worth $47,590,841 in the last ninety days. 0.83% of the stock is owned by company insiders.

Institutional Trading of Garrett Motion

Several hedge funds have recently modified their holdings of the company. Jane Street Group LLC grew its stake in shares of Garrett Motion by 641.7% during the first quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares during the last quarter. Aristeia Capital L.L.C. acquired a new stake in Garrett Motion during the 1st quarter worth about $151,000. Caxton Associates LLP acquired a new stake in Garrett Motion during the first quarter worth about $331,000. Jones Financial Companies Lllp purchased a new stake in Garrett Motion during the first quarter worth $42,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Garrett Motion in the first quarter worth about $358,000. 86.27% of the stock is 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.