Garrett Motion (NYSE:GTX) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Garrett Motion has been upgraded by Zacks Research from a "hold" to a "strong-buy" rating, indicating increased confidence in the company's stock.
• Several analysts have set new price targets for Garrett Motion, with BWS Financial raising theirs from $14.00 to $18.00, while others have a range of buy ratings and price targets around $14.00 to $17.50.
• Recent insider trading activity includes major shareholders selling significant amounts of stock, with one selling over 12 million shares in the last 90 days.

Garrett Motion (NYSE:GTX - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Stifel Nicolaus assumed coverage on Garrett Motion in a report on Friday, September 19th. They issued a "buy" rating and a $17.50 price objective for the company. BNP Paribas Exane initiated coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating and a $14.00 price target for the company. BNP Paribas began coverage on Garrett Motion in a research report on Wednesday, July 16th. They set an "outperform" rating on the stock. Finally, BWS Financial increased their price objective on Garrett Motion from $14.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat.com, Garrett Motion presently has an average rating of "Buy" and an average price target of $16.50.

Garrett Motion Trading Up 1.0%

Garrett Motion stock opened at $13.88 on Wednesday. Garrett Motion has a 1-year low of $7.01 and a 1-year high of $14.02. The company has a fifty day simple moving average of $13.14 and a 200 day simple moving average of $11.17. The company has a market cap of $2.80 billion, a P/E ratio of 10.93 and a beta of 0.27.

Insider Buying and Selling

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the company'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 value of $4,655,516.48. Following the transaction, the insider owned 20,009,945 shares of the company's stock, valued at approximately $265,732,069.60. This represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was 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. This trade represents 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. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

A number of institutional investors have recently modified their holdings of the business. State of Wyoming increased its position in Garrett Motion by 184.6% during the second quarter. State of Wyoming now owns 101,836 shares of the company's stock worth $1,070,000 after acquiring an additional 66,049 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Garrett Motion during the 2nd quarter worth approximately $45,000. Oxford Asset Management LLP grew its position in shares of Garrett Motion by 98.9% during the 2nd quarter. Oxford Asset Management LLP now owns 24,261 shares of the company's stock worth $255,000 after purchasing an additional 12,066 shares in the last quarter. Garden State Investment Advisory Services LLC increased its holdings in shares of 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 worth $144,000 after purchasing an additional 1,922 shares during the period. Finally, Engineers Gate Manager LP raised its position in shares of Garrett Motion by 653.6% in the second quarter. Engineers Gate Manager LP now owns 517,128 shares of the company's stock valued at $5,435,000 after buying an additional 448,506 shares in the last quarter. Institutional investors 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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