Garrett Motion (NYSE:GTX) Reaches New 52-Week High - Here's Why

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 hit a new 52-week high on Tuesday . The company traded as high as $13.52 and last traded at $13.21, with a volume of 1803412 shares trading hands. The stock had previously closed at $13.34.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. BNP Paribas assumed coverage on shares of Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating for the company. BWS Financial reiterated a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research report on Wednesday, June 25th. Zacks Research cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Finally, BNP Paribas Exane assumed 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. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Garrett Motion Stock Down 0.5%

The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 10.23 and a beta of 0.01. The business's fifty day moving average is $12.04 and its two-hundred day moving average is $10.53.

Garrett Motion Dividend Announcement

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

Insider Buying and Selling

In related news, insider Centerbridge Credit Partners M sold 9,000,000 shares of Garrett Motion stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $12.27, for a total value of $110,430,000.00. Following the completion of the transaction, the insider owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of Garrett Motion stock in a transaction that occurred 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 owned 21,128,348 shares of the company's stock, valued at $274,668,524. This represents a 5.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,907,224 shares of company stock valued at $157,275,679 in the last 90 days. Company 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 company. Gates Capital Management Inc. lifted its stake in Garrett Motion by 53.1% in the first quarter. Gates Capital Management Inc. now owns 6,795,553 shares of the company's stock worth $56,879,000 after acquiring an additional 2,358,294 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Garrett Motion by 2.6% in the second quarter. William Blair Investment Management LLC now owns 5,110,528 shares of the company's stock worth $53,712,000 after acquiring an additional 128,479 shares during the last quarter. New South Capital Management Inc. lifted its stake in Garrett Motion by 65.3% in the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company's stock worth $34,855,000 after acquiring an additional 1,645,460 shares during the last quarter. Prevatt Capital Ltd lifted its stake in Garrett Motion by 18.2% in the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company's stock worth $29,348,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Garrett Motion by 92.3% in the second quarter. Geode Capital Management LLC now owns 3,053,869 shares of the company's stock worth $32,100,000 after acquiring an additional 1,466,048 shares during the last quarter. Hedge funds and other 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.