Garrett Motion (NASDAQ:GTX) Sets New 52-Week High – Here’s What Happened

Garrett Motion Inc. (NASDAQ:GTX) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.89 and last traded at $29.57, with a volume of 3712619 shares trading hands. The stock had previously closed at $29.14.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Garrett Motion from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $24.00 price target on shares of Garrett Motion in a research report on Friday, May 1st. BWS Financial boosted their price objective on Garrett Motion from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Stifel Nicolaus increased their target price on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. Finally, Weiss Ratings assumed coverage on Garrett Motion in a research report on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.80.

Garrett Motion Stock Performance

The stock has a market cap of $5.97 billion, a P/E ratio of 18.64, a P/E/G ratio of 1.04 and a beta of 0.70. The stock has a 50-day moving average price of $20.53 and a 200-day moving average price of $18.84.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. Garrett Motion had a negative return on equity of 42.77% and a net margin of 9.29%.The firm had revenue of $985.00 million during the quarter, compared to the consensus estimate of $917.23 million. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Sell-side analysts forecast that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. Garrett Motion’s payout ratio is currently 18.71%.

Insider Activity at Garrett Motion

In related news, CEO Olivier Rabiller sold 144,000 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the completion of the sale, the chief executive officer directly owned 905,546 shares in the company, valued at $18,400,694.72. This represents a 13.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Julia Steyn sold 17,000 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $19.86, for a total transaction of $337,620.00. Following the sale, the director owned 50,233 shares of the company’s stock, valued at $997,627.38. This represents a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 337,000 shares of company stock worth $6,839,290 in the last three months. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Garrett Motion

Several institutional investors and hedge funds have recently bought and sold shares of GTX. Jones Financial Companies Lllp purchased a new stake in Garrett Motion in the 1st quarter worth approximately $42,000. Jane Street Group LLC lifted its holdings in Garrett Motion by 641.7% in the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after buying an additional 78,661 shares during the period. Cetera Investment Advisers purchased a new stake in Garrett Motion in the 2nd quarter worth approximately $121,000. Legal & General Group Plc lifted its holdings in Garrett Motion by 30.4% in the 2nd quarter. Legal & General Group Plc now owns 97,486 shares of the company’s stock worth $1,024,000 after buying an additional 22,727 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in Garrett Motion in the 2nd quarter worth approximately $225,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

About Garrett Motion

Garrett Motion Inc is a technology leader specializing in the design, development and manufacture of turbocharging systems and related technologies for the global automotive industry. Its product portfolio includes conventional exhaust gas turbochargers, variable-geometry turbochargers, electric and e-boost turbochargers, as well as electronic actuators, sensors and thermal management systems. The company’s solutions are engineered to improve engine efficiency, reduce emissions and support automakers’ efforts to meet evolving regulatory standards for fuel economy and air quality.

Garrett Motion traces its roots to the founding of AiResearch by Cliff Garrett in 1936, a pioneer in aircraft and automotive turbocharging technologies.