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

Garrett Motion Inc. (NYSE:GTX - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $12.78 and last traded at $12.35, with a volume of 1414669 shares. The stock had previously closed at $11.79.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. BNP Paribas Exane assumed coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price objective for the company. BWS Financial restated a "buy" rating and set a $14.00 price objective on shares of Garrett Motion in a report on Wednesday, June 25th. Finally, BNP Paribas assumed coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating for the company.

Garrett Motion Stock Up 1.2%

The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 10.31 and a beta of 0.01. The stock's fifty day moving average is $10.86 and its 200-day moving average is $9.92.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Tuesday, September 2nd. Garrett Motion's payout ratio is currently 16.78%.

Insider Buying and Selling

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of Garrett Motion stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $10.46, for a total value of $12,515,661.96. Following the transaction, the insider owned 23,705,198 shares of the company's stock, valued at approximately $247,956,371.08. The trade was a 4.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of Garrett Motion stock in a transaction that occurred on Thursday, May 29th. The shares were 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 directly owned 8,906,010 shares in the company, valued at approximately $91,731,903. The trade was a 25.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,990,082 shares of company stock worth $52,389,252. Insiders own 0.83% of the company's stock.

Institutional Trading of Garrett Motion

A number of institutional investors have recently made changes to their positions in the business. Ritholtz Wealth Management lifted its position in shares of Garrett Motion by 158.1% in the second quarter. Ritholtz Wealth Management now owns 168,896 shares of the company's stock worth $1,775,000 after purchasing an additional 103,449 shares in the last quarter. KLP Kapitalforvaltning AS lifted its position in shares of Garrett Motion by 41.5% in the second quarter. KLP Kapitalforvaltning AS now owns 20,800 shares of the company's stock worth $219,000 after purchasing an additional 6,100 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Garrett Motion by 1.3% in the second quarter. Janney Montgomery Scott LLC now owns 329,626 shares of the company's stock worth $3,464,000 after purchasing an additional 4,374 shares in the last quarter. Kathmere Capital Management LLC bought a new stake in shares of Garrett Motion in the second quarter worth $133,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of Garrett Motion in the second quarter worth $427,000. Institutional investors own 86.27% of the company's stock.

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.