Garrett Motion Inc. (NYSE:GTX) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Garrett Motion Inc. has received a consensus recommendation of "Buy" from six brokerages, with an average 1-year target price of $15.75.
• The company recently declared a quarterly dividend of $0.06, yielding 1.9% annually, with a payout ratio of 16.78%.
• Insider trading has seen significant activity, with Centerbridge Credit Partners selling 9 million shares, marking a 65.50% decrease in ownership.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) has been given a consensus recommendation of "Buy" by the six brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $15.75.

A number of research analysts have recently commented on GTX shares. BNP Paribas started coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating for the company. BWS Financial boosted their price target on shares of Garrett Motion from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. BNP Paribas Exane started coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. Zacks Research upgraded shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 1st. Finally, Stifel Nicolaus set a $17.00 price objective on shares of Garrett Motion in a report on Monday.

Garrett Motion Stock Performance

Shares of Garrett Motion stock traded down $0.24 during mid-day trading on Monday, hitting $12.52. 255,895 shares of the stock were exchanged, compared to its average volume of 2,230,201. The company has a market capitalization of $2.52 billion, a P/E ratio of 9.88 and a beta of 0.37. The company has a 50-day simple moving average of $13.16 and a 200 day simple moving average of $11.55. Garrett Motion has a 12 month low of $7.01 and a 12 month high of $14.02.

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were given a $0.06 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $0.24 annualized dividend and a yield of 1.9%. Garrett Motion's dividend payout ratio (DPR) is presently 16.78%.

Insider Activity at Garrett Motion

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the completion of the transaction, the insider directly owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This trade represents a 65.50% decrease in their ownership of the stock. 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 1,300,000 shares of Garrett Motion stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $13.00, for a total transaction of $16,900,000.00. Following the completion of the transaction, the insider directly owned 21,128,348 shares of the company's stock, valued at $274,668,524. The trade was a 5.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,744,374 shares of company stock worth $146,357,673 over the last quarter. Insiders own 0.83% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

Several large investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in shares of Garrett Motion in the 1st quarter worth approximately $381,000. Janney Montgomery Scott LLC acquired a new position in shares of Garrett Motion in the 1st quarter valued at $2,722,000. Pacific Global Investment Management Co. raised its position in Garrett Motion by 41.6% during the first quarter. Pacific Global Investment Management Co. now owns 23,568 shares of the company's stock worth $197,000 after acquiring an additional 6,928 shares during the period. New South Capital Management Inc. boosted its holdings in Garrett Motion by 65.3% in the 1st quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after buying an additional 1,645,460 shares during the last quarter. Finally, Meritage Portfolio Management purchased a new stake in shares of Garrett Motion in the first quarter valued at about $2,182,000. 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.

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