Garrett Motion Sees Unusually Large Options Volume (NYSE:GTX)

Garrett Motion Inc. (NYSE:GTX) saw some unusual options trading on Wednesday. Traders acquired 5,024 call options on the stock. This is an increase of 334% compared to the typical volume of 1,158 call options.

Analyst Upgrades and Downgrades

GTX has been the subject of several research analyst reports. JPMorgan Chase & Co. started coverage on shares of Garrett Motion in a research note on Wednesday, December 17th. They set an “overweight” rating and a $23.00 target price for the company. BWS Financial boosted their price objective on shares of Garrett Motion from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Stifel Nicolaus upped their price objective on shares of Garrett Motion from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Zacks Research downgraded Garrett Motion from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Garrett Motion in a report on Monday, October 20th. They set a “hold” rating and a $14.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.80.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its holdings in Garrett Motion by 7,110.0% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company’s stock valued at $25,000 after acquiring an additional 1,422 shares during the last quarter. Spire Wealth Management lifted its position in 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 during the period. Global Retirement Partners LLC boosted its stake in shares of Garrett Motion by 156.7% in 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 during the last quarter. TD Waterhouse Canada Inc. grew 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 worth $30,000 after buying an additional 1,593 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Garrett Motion by 361.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,821 shares of the company’s stock worth $49,000 after buying an additional 2,210 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Performance

Garrett Motion stock opened at $20.80 on Thursday. The business’s fifty day moving average is $17.91 and its two-hundred day moving average is $15.55. The firm has a market cap of $4.05 billion, a P/E ratio of 16.38 and a beta of 0.33. Garrett Motion has a 52 week low of $7.01 and a 52 week high of $20.94.

Garrett Motion announced that its board has approved a stock buyback plan on Wednesday, December 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.