Garrett Motion (NYSE:GTX) Shares Gap Up – Time to Buy?

Garrett Motion Inc. (NYSE:GTX)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $16.46, but opened at $17.22. Garrett Motion shares last traded at $16.9120, with a volume of 583,837 shares.

Wall Street Analyst Weigh In

GTX has been the topic of several recent analyst reports. Zacks Research raised Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 1st. Stifel Nicolaus set a $20.00 price objective on Garrett Motion in a research report on Friday, October 24th. BWS Financial reissued a “buy” rating and set a $18.00 target price on shares of Garrett Motion in a research note on Friday, October 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Garrett Motion in a report on Monday, October 20th. They set a “hold” rating and a $14.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Garrett Motion presently has an average rating of “Buy” and a consensus target price of $16.50.

Garrett Motion Trading Up 0.8%

The stock has a market cap of $3.23 billion, a PE ratio of 13.08 and a beta of 0.41. The business has a fifty day simple moving average of $15.24 and a two-hundred day simple moving average of $13.05.

Garrett Motion (NYSE:GTX) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. On average, research analysts predict that Garrett Motion Inc. will post 1.25 earnings per share for the current year.

Garrett Motion Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.08 per share. This is a boost from Garrett Motion’s previous quarterly dividend of $0.06. The ex-dividend date is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.9%. Garrett Motion’s dividend payout ratio (DPR) is presently 20.38%.

Insider Activity

In related news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $13.28, for a total value of $4,655,516.48. Following the completion of the transaction, the insider directly owned 20,009,945 shares in the company, valued at $265,732,069.60. This trade represents a 1.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 613,403 shares of company stock valued at $8,133,314. 0.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Garrett Motion

A number of hedge funds and other institutional investors have recently bought and sold shares of GTX. Vanguard Group Inc. grew its stake in shares of Garrett Motion by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,304,014 shares of the company’s stock worth $19,285,000 after buying an additional 62,844 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its holdings in Garrett Motion by 296.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 253,150 shares of the company’s stock worth $2,119,000 after acquiring an additional 189,300 shares in the last quarter. Invesco Ltd. grew its stake in shares of Garrett Motion by 138.0% in the first quarter. Invesco Ltd. now owns 162,991 shares of the company’s stock worth $1,364,000 after acquiring an additional 94,501 shares during the last quarter. Maverick Capital Ltd. increased its holdings in shares of Garrett Motion by 113.6% during the first quarter. Maverick Capital Ltd. now owns 65,716 shares of the company’s stock valued at $550,000 after acquiring an additional 34,944 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Garrett Motion during the first quarter valued at $358,000. Hedge funds and other institutional investors own 86.27% of the company’s stock.

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.