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Garrett Motion (NYSE:GTX) Sets New 52-Week High Following Strong Earnings

Garrett Motion logo with Auto/Tires/Trucks background

Key Points

  • Garrett Motion Inc. reached a new 52-week high of $14.59 after reporting earnings of $0.38 per share, exceeding analysts' expectations of $0.34.
  • Institutional investors now hold 86.27% of the company's stock, indicating strong interest among large financial entities.
  • Following insider sales totaling over $145 million in recent months, corporate insiders now own just 0.60% of the company's shares.
  • MarketBeat previews top five stocks to own in November.

Garrett Motion Inc. (NYSE:GTX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $14.59 and last traded at $14.24, with a volume of 39692 shares changing hands. The stock had previously closed at $12.51.

The company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.04. Garrett Motion had a net margin of 8.12% and a negative return on equity of 38.75%. During the same quarter in the prior year, the business posted $0.24 earnings per share. The business's revenue for the quarter was up 9.2% on a year-over-year basis. Garrett Motion has set its FY 2025 guidance at EPS.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Zacks Research raised shares of Garrett Motion from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Garrett Motion in a research note on Monday. They issued a "hold" rating and a $14.00 price objective on the stock. BNP Paribas assumed coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating on the stock. BWS Financial lifted their price objective on shares of Garrett Motion from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. Finally, BNP Paribas Exane began coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $15.75.

Get Our Latest Stock Analysis on GTX

Insider Activity

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total transaction of $16,900,000.00. Following the sale, the insider owned 21,128,348 shares of the company's stock, valued at $274,668,524. The trade was a 5.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction on 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 sale, the insider directly owned 4,740,569 shares in the company, valued at $58,166,781.63. The trade was a 65.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,685,545 shares of company stock valued at $145,663,491. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

A number of hedge funds and other institutional investors have recently bought and sold shares of GTX. Jones Financial Companies Lllp bought a new stake in Garrett Motion during the 1st quarter valued at $42,000. Tower Research Capital LLC TRC purchased a new position in shares of Garrett Motion during the 2nd quarter valued at $45,000. Amalgamated Bank purchased a new position in shares of Garrett Motion during the 2nd quarter valued at $46,000. Caitong International Asset Management Co. Ltd grew 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 in the last quarter. Finally, Vestcor Inc purchased a new position in shares of Garrett Motion during the 1st quarter valued at $61,000. Institutional investors own 86.27% of the company's stock.

Garrett Motion Stock Performance

The business's 50-day moving average price is $13.16 and its 200 day moving average price is $11.60. The stock has a market capitalization of $3.13 billion, a PE ratio of 12.26 and a beta of 0.37.

About Garrett Motion

(Get Free Report)

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.

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