Garrett Motion (NASDAQ:GTX) Sets New 52-Week High – Still a Buy?
by Mitch Edgeman · The Markets DailyShares of Garrett Motion Inc. (NASDAQ:GTX – Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $34.42 and last traded at $34.3210, with a volume of 1160221 shares trading hands. The stock had previously closed at $33.40.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on GTX. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $24.00 target price on shares of Garrett Motion in a research note on Friday, May 1st. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Friday, May 22nd. BWS Financial upped their price target on shares of Garrett Motion from $32.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Weiss Ratings began coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They issued a “buy (b)” rating on the stock. Finally, Royal Bank Of Canada set a $42.00 price target on shares of Garrett Motion in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.83.
Check Out Our Latest Stock Report on GTX
Garrett Motion Stock Up 2.1%
The firm’s 50-day moving average price is $26.25 and its 200 day moving average price is $21.00. The firm has a market cap of $6.38 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 1.00 and a beta of 0.79.
Garrett Motion (NASDAQ:GTX – Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.43 by $0.06. The business had revenue of $985.00 million during the quarter, compared to analyst estimates of $917.23 million. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities analysts predict that Garrett Motion Inc. will post 1.83 earnings per share for the current year.
Garrett Motion Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, June 1st. Garrett Motion’s dividend payout ratio is currently 18.71%.
Insider Activity at Garrett Motion
In related news, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the transaction, the director owned 124,885 shares in the company, valued at $3,898,909.70. This represents a 12.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Thierry Mabru sold 70,000 shares of the 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 completion of the transaction, the senior vice president owned 147,956 shares of the company’s stock, valued at $4,882,548. This represents 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 sold 197,178 shares of company stock worth $6,358,597 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.
Hedge Funds Weigh In On Garrett Motion
A number of institutional investors and hedge funds have recently bought and sold shares of GTX. Cullen Frost Bankers Inc. boosted its position in shares of Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after purchasing an additional 1,422 shares in the last quarter. Spire Wealth Management boosted its position in shares of Garrett Motion by 971.2% during the 4th quarter. Spire Wealth Management now owns 1,489 shares of the company’s stock valued at $26,000 after purchasing an additional 1,350 shares in 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. boosted its position in shares of Garrett Motion by 1,422.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock valued at $30,000 after purchasing an additional 1,593 shares in the last quarter. Finally, Jones Financial Companies Lllp bought a new position in shares of Garrett Motion during the 1st quarter valued at about $42,000. Institutional investors own 86.27% of the company’s stock.
About Garrett Motion
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.