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

Key Points

• Garrett Motion Inc. reached a new 52-week high of $13.55, indicating strong performance with over 13.7 million shares traded during the day.
• Analyst ratings for Garrett Motion show a consensus of "Moderate Buy," with several firms setting a target price of $14.00 for the stock.
• Recent insider transactions revealed major shareholders selling a significant portion of their holdings, totaling approximately $165 million in the last 90 days.

Shares of Garrett Motion Inc. (NYSE:GTX - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $13.54 and last traded at $13.55, with a volume of 13778983 shares trading hands. The stock had previously closed at $13.14.

Analyst Ratings Changes

Several analysts recently issued reports on the company. BNP Paribas Exane assumed coverage on Garrett Motion in a report on Wednesday, July 16th. They issued an "outperform" rating and a $14.00 price target for the company. Zacks Research cut shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. BNP Paribas began coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating on the stock. Stifel Nicolaus started coverage on shares of Garrett Motion in a research report on Friday. They issued a "buy" rating and a $17.50 price target on the stock. Finally, BWS Financial reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Garrett Motion in a research note on Wednesday, June 25th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $15.17.

Garrett Motion Price Performance

The company has a market cap of $2.73 billion, a P/E ratio of 10.68 and a beta of 0.27. The company's 50-day moving average price is $12.78 and its 200-day moving average price is $10.91.

Garrett Motion Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.8%. Garrett Motion's payout ratio is 16.78%.

Insider Buying and Selling

In other news, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the company's stock in a transaction 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 transaction, the insider owned 21,128,348 shares in the company, valued at approximately $274,668,524. The trade was a 5.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,520,627 shares of company stock worth $165,408,993 in the last 90 days. Corporate insiders own 0.83% of the company's stock.

Institutional Trading of Garrett Motion

Several large investors have recently added to or reduced their stakes in GTX. Deutsche Bank AG raised its position in Garrett Motion by 14.4% in the 1st quarter. Deutsche Bank AG now owns 9,383 shares of the company's stock worth $79,000 after buying an additional 1,181 shares during the last quarter. Raymond James Financial Inc. increased its stake in Garrett Motion by 2.3% in the second quarter. Raymond James Financial Inc. now owns 77,365 shares of the company's stock worth $813,000 after purchasing an additional 1,759 shares during the period. Garden State Investment Advisory Services LLC boosted its position in 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 purchasing an additional 1,922 shares in the last quarter. Bank of Montreal Can raised its position in shares of Garrett Motion by 5.7% in the 2nd quarter. Bank of Montreal Can now owns 58,021 shares of the company's stock valued at $610,000 after purchasing an additional 3,106 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in Garrett Motion during the second quarter valued at approximately $45,000. 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.