Garrett Motion (NYSE:GTX) Sees Strong Trading Volume – Should You Buy?

Garrett Motion Inc. (NYSE:GTX) shares saw strong trading volume on Tuesday . 1,726,535 shares traded hands during mid-day 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.

Wall Street Analyst Weigh In

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

Garrett Motion Stock Up 2.5%

The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 7.85 and a beta of 0.02. The business’s 50-day moving average is $10.41 and its two-hundred day moving average is $9.57.

Garrett Motion Announces Dividend

The business 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 annualized dividend and a dividend yield of 2.41%. Garrett Motion’s dividend payout ratio is presently 18.60%.

Insiders Place Their Bets

In other news, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $10.30, for a total transaction of $30,900,000.00. Following the completion of the transaction, the insider now directly owns 8,906,010 shares in the company, valued at approximately $91,731,903. This represents a 25.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the firm’s stock in a transaction dated 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 directly owns 25,434,957 shares of the company’s stock, valued at $228,914,613. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,807,441 shares of company stock valued at $47,590,841. Insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Garrett Motion

A number of institutional investors have recently made changes to their positions in GTX. Jones Financial Companies Lllp purchased a new stake in Garrett Motion in the first quarter valued at approximately $42,000. Vestcor Inc acquired a new position in Garrett Motion in the 1st quarter valued at about $61,000. Quarry LP increased its stake in Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company’s stock worth $70,000 after purchasing an additional 4,988 shares during the period. Deutsche Bank AG lifted its position in shares of Garrett Motion by 185.5% during 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 in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Garrett Motion in the first quarter valued at approximately $94,000. 86.27% of the stock is currently 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.