Garrett Motion (NYSE:GTX) Hits New 52-Week High - What's Next?

Key Points

• Garrett Motion Inc. shares hit a new 1-year high, reaching $13.36 during trading with a last price of $13.20, reflecting significant trading volume of approximately 2.95 million shares.
• Several analysts have issued a "buy" rating for Garrett Motion, with a consensus price target set at $14.00, indicating positive outlook for the stock.
• The company recently announced a quarterly dividend of $0.06 per share, representing a 1.8% yield, with the dividend payout ratio at 16.78%.

Garrett Motion Inc. (NYSE:GTX - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The company traded as high as $13.36 and last traded at $13.20, with a volume of 2947635 shares traded. The stock had previously closed at $13.04.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GTX shares. BNP Paribas Exane started coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 target price for the company. 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. Finally, BWS Financial restated a "buy" rating and set a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, Garrett Motion has a consensus rating of "Buy" and a consensus target price of $14.00.

Garrett Motion Stock Down 1.0%

The company has a market cap of $2.66 billion, a PE ratio of 10.40 and a beta of 0.01. The stock's 50 day moving average is $11.75 and its 200-day moving average is $10.39.

Garrett Motion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.8%. Garrett Motion's dividend payout ratio is currently 16.78%.

Insider Buying and Selling at Garrett Motion

In other news, major shareholder Cyrus Capital Partners, L.P. sold 5,000 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $13.25, for a total value of $66,250.00. Following the sale, the insider owned 21,123,348 shares of the company's stock, valued at approximately $279,884,361. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was 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 in the company, valued at $58,166,781.63. This represents a 65.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,407,224 shares of company stock worth $181,535,679. Insiders own 0.83% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Gates Capital Management Inc. acquired a new stake in Garrett Motion in the fourth quarter worth about $40,068,000. New South Capital Management Inc. raised its position in Garrett Motion by 65.3% during the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock valued at $34,855,000 after acquiring an additional 1,645,460 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Garrett Motion in the 1st quarter valued at $12,945,000. Geode Capital Management LLC raised its position in shares of Garrett Motion by 92.3% in the second quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company's stock valued at $32,100,000 after buying an additional 1,466,048 shares during the last quarter. Finally, Frontier Capital Management Co. LLC acquired a new stake in shares of Garrett Motion in the fourth quarter valued at about $13,147,000. 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.