Garrett Motion (NYSE:GTX) Sets New 1-Year High - What's Next?

Key Points

• Garrett Motion Inc. shares reached a new 52-week high of $13.52, with a current market value around $13.21, indicating strong interest from investors.
• Wall Street analysts maintain a consensus rating of "Buy" for Garrett Motion, anticipating a price target of $14.00, reflecting positive growth prospects for the company.
• The company recently announced a quarterly dividend of $0.06, translating to an annual yield of 1.8%, suggesting financial stability amid recent trading activity.

Garrett Motion Inc. (NYSE:GTX - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $13.52 and last traded at $13.21, with a volume of 1803412 shares changing hands. The stock had previously closed at $13.34.

Wall Street Analysts Forecast Growth

GTX has been the subject of a number of recent analyst reports. BWS Financial restated a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research report on Wednesday, June 25th. BNP Paribas Exane initiated coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target for the company. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, BNP Paribas started coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating for the company. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Garrett Motion has a consensus rating of "Moderate Buy" and an average target price of $14.00.

Garrett Motion Stock Down 0.9%

The firm's 50-day simple moving average is $11.98 and its 200-day simple moving average is $10.48. The firm has a market capitalization of $2.63 billion, a PE ratio of 10.28 and a beta of 0.01.

Garrett Motion Dividend Announcement

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

Insider Activity

In other news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company's stock in a transaction dated 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 represents a 65.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 500,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $13.28, for a total transaction of $6,640,000.00. Following the transaction, the insider directly owned 20,623,348 shares of the company's stock, valued at approximately $273,878,061.44. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,907,224 shares of company stock valued at $157,275,679. Company insiders own 0.83% of the company's stock.

Hedge Funds Weigh In On Garrett Motion

Several hedge funds and other institutional investors have recently modified their holdings of the company. Deutsche Bank AG raised its stake in shares of Garrett Motion by 14.4% during the first quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock valued at $79,000 after acquiring an additional 1,181 shares during the last quarter. Raymond James Financial Inc. raised its stake in shares of Garrett Motion by 2.3% during the second quarter. Raymond James Financial Inc. now owns 77,365 shares of the company's stock valued at $813,000 after acquiring an additional 1,759 shares during the last quarter. Garden State Investment Advisory Services LLC increased its position in shares of Garrett Motion by 16.4% during the second quarter. Garden State Investment Advisory Services LLC now owns 13,667 shares of the company's stock valued at $144,000 after buying an additional 1,922 shares during the period. Bank of Montreal Can increased its position in shares of Garrett Motion by 5.7% during the second quarter. Bank of Montreal Can now owns 58,021 shares of the company's stock valued at $610,000 after buying an additional 3,106 shares during the period. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Garrett Motion during the second quarter valued at about $45,000. 86.27% of the stock is owned by 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.