Garrett Motion (NYSE:GTX) Shares Gap Up After Earnings Beat

Garrett Motion Inc. (NYSE:GTX) shares gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $20.49, but opened at $22.14. Garrett Motion shares last traded at $24.2640, with a volume of 828,974 shares traded.

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 38.75% and a net margin of 8.12%.The company’s quarterly revenue was up 12.2% on a year-over-year basis.

Garrett Motion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, March 2nd. Garrett Motion’s payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GTX. BWS Financial reaffirmed a “buy” rating and set a $22.00 price objective on shares of Garrett Motion in a report on Thursday, April 9th. Freedom Capital raised Garrett Motion to a “strong-buy” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Garrett Motion currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Insiders Place Their Bets

In other Garrett Motion news, CEO Olivier Rabiller sold 144,000 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the transaction, the chief executive officer owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. This represents a 13.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julia Steyn sold 17,000 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $19.86, for a total value of $337,620.00. Following the transaction, the director directly owned 50,233 shares in the company, valued at approximately $997,627.38. This represents a 25.29% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 337,000 shares of company stock valued at $6,839,290. 1.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTX. Jones Financial Companies Lllp acquired a new position in Garrett Motion during the 1st quarter worth $42,000. Jane Street Group LLC lifted its holdings in Garrett Motion by 641.7% during 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 in the last quarter. Cetera Investment Advisers acquired a new position in Garrett Motion during the 2nd quarter worth $121,000. Legal & General Group Plc lifted its holdings in Garrett Motion by 30.4% during 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 in the last quarter. Finally, Prudential Financial Inc. acquired a new position in Garrett Motion during the 2nd quarter worth $225,000. Institutional investors and hedge funds own 86.27% of the company’s stock.

Garrett Motion Trading Up 20.3%

The firm has a fifty day simple moving average of $18.96 and a 200-day simple moving average of $17.85. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 19.54 and a beta of 0.44.

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.