Garrett Motion (NASDAQ:GTX) Sets New 1-Year High – Here’s Why

Garrett Motion Inc. (NASDAQ:GTX)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $35.80 and last traded at $35.7870, with a volume of 342621 shares changing hands. The stock had previously closed at $35.08.

Analyst Upgrades and Downgrades

GTX has been the topic of several recent analyst reports. Royal Bank Of Canada set a $42.00 price target on Garrett Motion in a research note on Thursday, May 21st. BWS Financial raised their price target on shares of Garrett Motion from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Friday, May 22nd. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, Stifel Nicolaus boosted their price target on Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.83.

Garrett Motion Trading Up 2.1%

The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 20.97, a PEG ratio of 1.10 and a beta of 0.79. The business has a 50-day moving average price of $29.94 and a two-hundred day moving average price of $22.50.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.49 EPS for the quarter, topping 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. Garrett Motion’s revenue was up 12.2% on a year-over-year basis. On average, equities research analysts predict that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 0.9%. Garrett Motion’s dividend payout ratio is currently 18.71%.

Insider Activity

In related news, Director Daniel A. Ninivaggi sold 17,178 shares of Garrett Motion stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the sale, the director directly owned 124,885 shares in the company, valued at $3,898,909.70. The trade was a 12.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sean Deason sold 110,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the transaction, the chief financial officer directly owned 261,909 shares in the company, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 213,834 shares of company stock worth $6,918,710 in the last 90 days. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Garrett Motion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTX. Cullen Frost Bankers Inc. boosted its stake in Garrett Motion by 7,110.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after buying an additional 1,422 shares in the last quarter. Spire Wealth Management lifted its holdings in Garrett Motion by 971.2% in the 4th quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock valued at $26,000 after acquiring an additional 1,350 shares during the last quarter. Global Retirement Partners LLC boosted its position in shares of Garrett Motion by 156.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after purchasing an additional 970 shares in the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of Garrett Motion by 1,422.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock worth $30,000 after purchasing an additional 1,593 shares during the last quarter. Finally, Jones Financial Companies Lllp bought a new stake in shares of Garrett Motion in the 1st quarter worth approximately $42,000. 86.27% of the stock is owned by institutional investors.

Garrett Motion Company Profile

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.