Garrett Motion (NYSE:GTX) Hits New 52-Week High – Here’s What Happened

Garrett Motion Inc. (NYSE:GTX) shares hit a new 52-week high 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.

Wall Street Analyst Weigh In

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

Garrett Motion Stock Performance

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

Garrett Motion Announces Dividend

The business also recently disclosed 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 of this dividend is Monday, June 2nd. This represents a $0.24 annualized dividend and a yield of 2.01%. Garrett Motion’s dividend payout ratio is currently 18.60%.

Insider Activity

In other Garrett Motion news, major shareholder Special Credit Pa Centerbridge sold 88,061 shares of Garrett Motion stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $9.94, for a total value of $875,326.34. Following the transaction, the insider now owns 10,395,183 shares in the company, valued at $103,328,119.02. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Cyrus Capital Partners, L.P. sold 1,502,441 shares of Garrett Motion stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $9.05, for a total value of $13,597,091.05. Following the completion of the transaction, the insider now owns 25,834,957 shares in the company, valued at approximately $233,806,360.85. This represents a 5.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,264,853 shares of company stock valued at $30,663,903. 0.83% of the stock is owned by insiders.

Institutional Trading of Garrett Motion

Hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its stake in Garrett Motion by 85.2% in the third quarter. Barclays PLC now owns 297,022 shares of the company’s stock valued at $2,430,000 after buying an additional 136,600 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Garrett Motion by 32.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 194,315 shares of the company’s stock worth $1,755,000 after purchasing an additional 47,126 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in Garrett Motion by 20,649.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 63,493 shares of the company’s stock valued at $573,000 after buying an additional 63,187 shares during the last quarter. ARS Investment Partners LLC purchased a new stake in Garrett Motion in the 4th quarter valued at $181,000. Finally, Financial Advocates Investment Management purchased a new stake in Garrett Motion in the 4th quarter valued at $191,000. 86.27% of the stock is currently owned by institutional investors.

About Garrett Motion

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.