Garrett Motion (NYSE:GTX) Now Covered by Stifel Nicolaus

Key Points

• Stifel Nicolaus has initiated coverage on Garrett Motion (NYSE:GTX) with a buy rating and a $17.50 price target, suggesting a potential upside of 29.06% from its current price.
• Garrett Motion has received mixed ratings from other brokerages, with a consensus rating of "Moderate Buy" and an average target price of $15.17.
• Insider selling has been significant recently, with major shareholders decreasing their ownership by selling over 13 million shares in the past 90 days.

Stifel Nicolaus started coverage on shares of Garrett Motion (NYSE:GTX - Free Report) in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $17.50 price target on the stock.

A number of other equities analysts also recently issued reports on GTX. BWS Financial reissued a "buy" rating and set a $14.00 price target on shares of Garrett Motion in a research report on Wednesday, June 25th. BNP Paribas initiated coverage on shares of Garrett Motion in a research note on Wednesday, July 16th. They issued an "outperform" rating for the company. Zacks Research lowered shares of Garrett Motion from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. Finally, BNP Paribas Exane began 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. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.17.

Garrett Motion Price Performance

Shares of Garrett Motion stock traded up $0.44 on Friday, reaching $14.00. The company had a trading volume of 1,597,686 shares, compared to its average volume of 2,222,676. Garrett Motion has a 1 year low of $7.01 and a 1 year high of $14.00. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 11.02 and a beta of 0.27. The firm's 50-day moving average price is $12.82 and its two-hundred day moving average price is $10.94.

Garrett Motion Dividend Announcement

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

Insider Activity at Garrett Motion

In other Garrett Motion news, 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 transaction of $110,430,000.00. Following the completion of the sale, the insider directly owned 4,740,569 shares of the company's stock, valued at approximately $58,166,781.63. This trade represents a 65.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the completion of the transaction, the insider directly owned 20,009,945 shares in the company, valued at $265,732,069.60. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,520,627 shares of company stock valued at $165,408,993 over the last three months. Corporate insiders own 0.83% of the company's stock.

Institutional Investors Weigh In On Garrett Motion

Several institutional investors have recently made changes to their positions in GTX. Janney Montgomery Scott LLC purchased a new stake in Garrett Motion during the first quarter worth $2,722,000. SG Americas Securities LLC acquired a new position in shares of Garrett Motion during the 1st quarter worth $381,000. Vanguard Group Inc. raised its stake in shares of Garrett Motion by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company's stock worth $19,285,000 after buying an additional 62,844 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Garrett Motion by 4.4% during the 1st quarter. Victory Capital Management Inc. now owns 1,290,509 shares of the company's stock valued at $10,802,000 after acquiring an additional 54,978 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp increased its holdings in Garrett Motion by 296.5% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company's stock valued at $2,119,000 after acquiring an additional 189,300 shares in the last quarter. 86.27% of the stock is currently owned by hedge funds and other institutional investors.

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.