Garrett Motion Target of Unusually Large Options Trading (NYSE:GTX)

Garrett Motion Inc. (NYSE:GTX) saw unusually large options trading activity on Wednesday. Investors purchased 5,024 call options on the company. This represents an increase of 334% compared to the average volume of 1,158 call options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cullen Frost Bankers Inc. lifted its holdings in shares of Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock worth $25,000 after acquiring an additional 1,422 shares during the last quarter. Spire Wealth Management lifted its stake in Garrett Motion by 971.2% in 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 during the last quarter. Global Retirement Partners LLC boosted its position in Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock valued at $28,000 after buying an additional 970 shares in the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of Garrett Motion by 1,422.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company’s stock worth $30,000 after buying an additional 1,593 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in shares of Garrett Motion during the first quarter worth $42,000. Institutional investors own 86.27% of the company’s stock.

Garrett Motion Trading Up 6.0%

NYSE GTX traded up $1.16 on Wednesday, hitting $20.58. 1,920,036 shares of the company’s stock were exchanged, compared to its average volume of 2,325,635. The stock has a 50-day moving average of $17.83 and a 200-day moving average of $15.51. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 16.18 and a beta of 0.33. Garrett Motion has a 52 week low of $7.01 and a 52 week high of $20.57.

Garrett Motion announced that its Board of Directors has authorized a stock repurchase program on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently commented on GTX shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Garrett Motion in a research report on Monday, October 20th. They issued a “hold” rating and a $14.00 price objective on the stock. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. JPMorgan Chase & Co. started coverage on Garrett Motion in a research note on Wednesday, December 17th. They set an “overweight” rating and a $23.00 price objective on the stock. Stifel Nicolaus lifted their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Finally, BWS Financial increased their target price on Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Garrett Motion has an average rating of “Moderate Buy” and an average price target of $18.80.

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.