Garrett Motion (NYSE:GTX) Sets New 52-Week High - Should You Buy?

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.

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

Analyst Ratings Changes

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

Garrett Motion Price Performance

The firm has a market cap of $2.73 billion, a PE ratio of 10.68 and a beta of 0.27. The business's 50 day moving average price is $12.69 and its 200 day moving average price is $10.83.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was 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 currently 16.78%.

Insider Transactions at Garrett Motion

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 21,128,348 shares in the company, valued at approximately $274,668,524. The trade was a 5.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $12.27, for a total transaction of $110,430,000.00. Following the transaction, the insider owned 4,740,569 shares in the company, valued at $58,166,781.63. The trade was a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,520,627 shares of company stock worth $165,408,993 over the last 90 days. 0.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garrett Motion

Institutional investors and hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC acquired a new position in Garrett Motion in the 1st quarter valued at about $2,722,000. SG Americas Securities LLC acquired a new position in Garrett Motion in the 1st quarter valued at about $381,000. Vanguard Group Inc. boosted its holdings in Garrett Motion by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock valued at $19,285,000 after purchasing an additional 62,844 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Garrett Motion by 4.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company's stock valued at $10,802,000 after purchasing an additional 54,978 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its holdings in Garrett Motion by 296.5% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company's stock valued at $2,119,000 after purchasing an additional 189,300 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

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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