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

Key Points

• Garrett Motion Inc. (NYSE:GTX) reached a new 52-week high trading at $14.01, with significant trading volume of 904,407 shares.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Garrett Motion, with an average target price of $16.50, following new ratings from firms like BWS Financial and Stifel Nicolaus.
• The company recently declared a quarterly dividend of $0.06 per share, equating to an annualized yield of 1.7%, while insiders sold over 12 million shares in recent months.

Shares of Garrett Motion Inc. (NYSE:GTX - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $14.01 and last traded at $13.98, with a volume of 904407 shares trading hands. The stock had previously closed at $13.74.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GTX shares. 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 on the stock. BNP Paribas started coverage on Garrett Motion in a report on Wednesday, July 16th. They set an "outperform" rating for the company. Zacks Research cut Garrett Motion from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. BWS Financial increased their price objective on Garrett Motion from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Stifel Nicolaus started coverage on shares of Garrett Motion in a report on Friday, September 19th. They issued a "buy" rating and a $17.50 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.50.

Garrett Motion Stock Performance

The firm has a market cap of $2.80 billion, a P/E ratio of 10.94 and a beta of 0.27. The stock has a fifty day simple moving average of $13.11 and a 200 day simple moving average of $11.14.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, September 2nd. Garrett Motion's payout ratio is presently 16.78%.

Insiders Place Their Bets

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the transaction, the insider directly owned 20,009,945 shares in the company, valued at $265,732,069.60. The trade was a 1.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $110,430,000.00. Following the sale, the insider directly owned 4,740,569 shares in the company, valued at approximately $58,166,781.63. The trade was a 65.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,272,236 shares of company stock valued at $152,322,816. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Garrett Motion

Hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp purchased a new position in shares of Garrett Motion during the first quarter valued at approximately $42,000. Tower Research Capital LLC TRC purchased a new position in Garrett Motion in the second quarter valued at about $45,000. Amalgamated Bank acquired a new stake in Garrett Motion during the second quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Garrett Motion by 4,655.8% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,518 shares of the company's stock valued at $47,000 after acquiring an additional 4,423 shares during the last quarter. Finally, Vestcor Inc bought a new position in shares of Garrett Motion during the first quarter valued at approximately $61,000. Institutional investors and hedge funds own 86.27% of the company's stock.

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.

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