Garrett Motion (NYSE:GTX) Reaches New 12-Month High – What’s Next?

Garrett Motion Inc. (NYSE:GTX) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $14.01 and last traded at $13.99, with a volume of 5128117 shares traded. The stock had previously closed at $13.56.

Analyst Ratings Changes

GTX has been the topic of several analyst reports. Stifel Nicolaus initiated coverage on shares of Garrett Motion in a research report on Friday, September 19th. They set a “buy” rating and a $17.50 price target on the stock. BWS Financial reiterated a “buy” rating and issued a $14.00 price objective on shares of Garrett Motion in a report on Wednesday, June 25th. BNP Paribas began coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an “outperform” rating on the stock. BNP Paribas Exane began coverage on shares of Garrett Motion in a report on Wednesday, July 16th. They issued an “outperform” rating and a $14.00 price objective on the stock. Finally, Zacks Research downgraded shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, August 25th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Garrett Motion presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.17.

Garrett Motion Stock Down 0.7%

The company’s 50 day moving average is $12.95 and its 200 day moving average is $11.01. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 10.69 and a beta of 0.27.

Garrett Motion Announces Dividend

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

Insider Activity

In related news, major shareholder Cyrus Capital Partners, L.P. sold 1,300,000 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $13.00, for a total value 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. This represents a 5.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Centerbridge Credit Partners M sold 9,000,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider owned 4,740,569 shares in the company, valued at $58,166,781.63. This trade represents a 65.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,324,101 shares of company stock worth $152,893,331 over the last 90 days. 0.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Garrett Motion

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC bought a new stake in shares of Garrett Motion during the 1st quarter valued at approximately $2,722,000. SG Americas Securities LLC bought a new position in Garrett Motion in the 1st quarter valued at approximately $381,000. Vanguard Group Inc. raised 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 buying an additional 62,844 shares during the last quarter. Victory Capital Management Inc. raised 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 buying an additional 54,978 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised 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 buying an additional 189,300 shares during the last quarter. 86.27% of the stock is owned by institutional investors.

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.