Garrett Motion (NYSE:GTX) Hits New 1-Year High After Dividend Announcement

Garrett Motion Inc. (NYSE:GTX)’s share price reached a new 52-week high on Friday after the company announced a dividend. The company traded as high as $10.69 and last traded at $10.75, with a volume of 199543 shares trading hands. The stock had previously closed at $10.20.

The newly announced dividend which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Monday, June 2nd. Garrett Motion’s dividend payout ratio is currently 18.90%.

Wall Street Analyst Weigh In

Separately, BWS Financial upped their target price on shares of Garrett Motion from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday.

Garrett Motion Price Performance

The company has a market cap of $2.21 billion, a P/E ratio of 8.55 and a beta of 0.67. The stock has a fifty day moving average price of $8.94 and a two-hundred day moving average price of $8.84.

Insider Activity at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,502,441 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $9.05, for a total transaction of $13,597,091.05. Following the transaction, the insider now directly owns 25,834,957 shares in the company, valued at approximately $233,806,360.85. The trade was a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.96, for a total transaction of $3,479,535.96. Following the completion of the sale, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,109,853 shares of company stock valued at $28,920,153. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Garrett Motion

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Gates Capital Management Inc. bought a new stake in Garrett Motion during the fourth quarter worth $40,068,000. New South Capital Management Inc. raised its stake in shares of Garrett Motion by 65.3% during the 1st quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company’s stock worth $34,855,000 after purchasing an additional 1,645,460 shares during the period. Prevatt Capital Ltd boosted its holdings in shares of Garrett Motion by 18.2% in the 4th quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company’s stock worth $29,348,000 after buying an additional 500,000 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Garrett Motion by 10.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company’s stock valued at $25,886,000 after buying an additional 278,107 shares during the period. Finally, Gamco Investors INC. ET AL increased its holdings in Garrett Motion by 6.4% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,163,439 shares of the company’s stock worth $19,536,000 after buying an additional 130,873 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

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.