Garrett Motion (NYSE:GTX) Sets New 52-Week High – What’s Next?

Garrett Motion Inc. (NYSE:GTX) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $12.08 and last traded at $11.95, with a volume of 2333899 shares trading hands. The stock had previously closed at $12.00.

Analysts Set New Price Targets

Separately, BWS Financial increased their target price on shares of Garrett Motion from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, May 2nd.

Garrett Motion Stock Down 0.4%

The firm’s 50-day moving average price is $9.21 and its 200 day moving average price is $9.03. The firm has a market cap of $2.42 billion, a P/E ratio of 9.41 and a beta of -0.05.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.06 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 2.01%. Garrett Motion’s dividend payout ratio is presently 18.60%.

Insider Activity at Garrett Motion

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the insider now directly owns 25,434,957 shares of the company’s stock, valued at approximately $228,914,613. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Special Credit Pa Centerbridge sold 520,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $9.41, for a total transaction of $4,893,200.00. Following the sale, the insider now directly owns 9,795,684 shares of the company’s stock, valued at $92,177,386.44. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,264,853 shares of company stock worth $30,663,903 in the last 90 days. Corporate insiders own 0.83% of the company’s stock.

Institutional Trading of Garrett Motion

A number of hedge funds have recently bought and sold shares of GTX. Vestcor Inc purchased a new stake in shares of Garrett Motion in the first quarter worth approximately $61,000. Quarry LP lifted its position in shares of Garrett Motion by 180.3% in the fourth quarter. Quarry LP now owns 7,755 shares of the company’s stock worth $70,000 after purchasing an additional 4,988 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Garrett Motion by 185.5% in the fourth quarter. Deutsche Bank AG now owns 8,202 shares of the company’s stock worth $74,000 after purchasing an additional 5,329 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Garrett Motion in the first quarter worth approximately $94,000. Finally, Savant Capital LLC purchased a new stake in shares of Garrett Motion in the fourth quarter worth approximately $96,000. 86.27% of the stock is owned by hedge funds and other 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.