Garrett Motion (NYSE:GTX) Earns Outperform Rating from Analysts at BNP Paribas Exane

BNP Paribas Exane started coverage on shares of Garrett Motion (NYSE:GTX) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $14.00 target price on the stock.

Separately, BWS Financial reaffirmed a “buy” rating and set a $14.00 target price on shares of Garrett Motion in a research report on Wednesday, June 25th.

Garrett Motion Stock Performance

Shares of GTX stock opened at $11.60 on Wednesday. Garrett Motion has a 52-week low of $7.02 and a 52-week high of $12.09. The company has a 50-day simple moving average of $10.85 and a two-hundred day simple moving average of $9.80. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 9.13 and a beta of 0.01.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 2.07%. Garrett Motion’s dividend payout ratio is 18.60%.

Insider Buying and Selling

In other Garrett Motion news, major shareholder Cyrus Capital Partners, L.P. sold 1,196,526 shares of the company’s stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $10.46, for a total value of $12,515,661.96. Following the transaction, the insider directly owned 23,705,198 shares in the company, valued at $247,956,371.08. This represents a 4.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Centerbridge Credit Partners M sold 3,000,000 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $10.30, for a total value of $30,900,000.00. Following the completion of the transaction, the insider owned 8,906,010 shares in the company, valued at $91,731,903. This represents a 25.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,931,210 shares of company stock valued at $51,694,564 over the last quarter. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garrett Motion

A number of hedge funds and other institutional investors have recently bought and sold shares of GTX. Gates Capital Management Inc. bought a new stake in Garrett Motion during the fourth quarter worth about $40,068,000. New South Capital Management Inc. lifted its stake in Garrett Motion by 65.3% during the first quarter. New South Capital Management Inc. now owns 4,164,333 shares of the company’s stock worth $34,855,000 after purchasing an additional 1,645,460 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Garrett Motion during the first quarter worth about $12,945,000. Frontier Capital Management Co. LLC bought a new stake in Garrett Motion during the fourth quarter worth about $13,147,000. Finally, Prevatt Capital Ltd lifted its stake in Garrett Motion by 18.2% during the fourth quarter. Prevatt Capital Ltd now owns 3,250,000 shares of the company’s stock worth $29,348,000 after purchasing an additional 500,000 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

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.