Garrett Motion (NASDAQ:GTX) Reaches New 12-Month High – Time to Buy?

Shares of Garrett Motion Inc. (NASDAQ:GTX) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $35.80 and last traded at $35.7870, with a volume of 342621 shares. The stock had previously closed at $35.08.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GTX. Freedom Capital lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings began coverage on Garrett Motion in a research report on Wednesday, April 29th. They issued a “buy (b)” rating for the company. Stifel Nicolaus upped their target price on Garrett Motion from $29.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. JPMorgan Chase & Co. increased their price target on shares of Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Finally, Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Garrett Motion currently has an average rating of “Moderate Buy” and an average price target of $31.83.

Garrett Motion Stock Performance

The business has a 50-day simple moving average of $30.54 and a 200 day simple moving average of $22.75. The firm has a market cap of $6.29 billion, a P/E ratio of 19.64, a price-to-earnings-growth ratio of 1.14 and a beta of 0.78.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.49 earnings per share 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 for the quarter, compared to analyst estimates of $917.23 million. Garrett Motion’s quarterly revenue was up 12.2% on a year-over-year basis. On average, research analysts expect that Garrett Motion Inc. will post 1.83 EPS for the current year.

Garrett Motion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, June 1st. Garrett Motion’s payout ratio is presently 18.71%.

Insider Activity at Garrett Motion

In other news, CFO Sean Deason sold 110,000 shares of Garrett Motion 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 sale, the chief financial officer owned 261,909 shares of the company’s stock, valued at approximately $8,362,754.37. The trade was a 29.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of Garrett Motion stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $33.00, for a total transaction of $2,310,000.00. Following the sale, the senior vice president directly owned 147,956 shares in the company, valued at $4,882,548. The trade was a 32.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 213,834 shares of company stock valued at $6,918,710 over the last quarter. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Garrett Motion

A number of institutional investors have recently bought and sold shares of GTX. Comerica Bank lifted its stake in shares of Garrett Motion by 22.0% in the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock valued at $4,381,000 after purchasing an additional 45,370 shares during the period. Wesbanco Bank Inc. boosted its position in shares of Garrett Motion by 75.0% during the fourth quarter. Wesbanco Bank Inc. now owns 105,034 shares of the company’s stock valued at $1,831,000 after purchasing an additional 45,000 shares in the last quarter. Yorkville Advisors Global LP purchased a new stake in Garrett Motion in the third quarter worth $11,168,000. Smead Capital Management Inc. purchased a new stake in Garrett Motion in the fourth quarter worth $4,257,000. Finally, Vanguard Group Inc. raised its holdings in Garrett Motion by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 4,424,546 shares of the company’s stock worth $77,120,000 after purchasing an additional 234,735 shares in the last quarter. 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.