Garrett Motion (NYSE:GTX) Sets New 1-Year High - Here's Why

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 share price reached a new 52-week high during mid-day trading 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.

Analyst Ratings Changes

A number of brokerages recently issued reports on GTX. BNP Paribas began coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating on the stock. BNP Paribas Exane began coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 target price on the stock. Finally, BWS Financial reiterated a "buy" rating and issued a $14.00 target price on shares of Garrett Motion in a report on Wednesday, June 25th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $14.00.

Garrett Motion Trading Up 1.9%

The firm has a market capitalization of $2.69 billion, a PE ratio of 10.50 and a beta of 0.01. The business has a 50-day moving average of $11.75 and a 200 day moving average of $10.38.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. Garrett Motion's dividend payout ratio is presently 16.78%.

Insiders Place Their Bets

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the sale, the insider directly owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This represents a 65.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 completion of the sale, the insider directly owned 21,123,348 shares of the company's stock, valued at $279,884,361. The trade was a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407,224 shares of company stock valued at $181,535,679 over the last three months. 0.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Garrett Motion

Several large investors have recently made changes to their positions in GTX. Jones Financial Companies Lllp purchased a new stake in shares of Garrett Motion during the 1st quarter valued at $42,000. Tower Research Capital LLC TRC purchased a new stake in shares of Garrett Motion during the 2nd quarter valued at $45,000. Amalgamated Bank purchased a new stake in shares of Garrett Motion during the 2nd quarter valued at $46,000. Caitong International Asset Management Co. Ltd increased its position in shares of Garrett Motion by 4,655.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company's stock valued at $47,000 after purchasing an additional 4,423 shares during the last quarter. Finally, Vestcor Inc purchased a new stake in shares of Garrett Motion during the 1st quarter valued at $61,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

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.