Brokerages Set Garrett Motion Inc. (NYSE:GTX) Target Price at $18.80

Shares of Garrett Motion Inc. (NYSE:GTX) have been given an average rating of “Moderate Buy” by the six ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $18.80.

GTX has been the topic of a number of recent research reports. Zacks Research lowered Garrett Motion from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. BWS Financial upped their price objective on Garrett Motion from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. started coverage on shares of Garrett Motion in a report on Wednesday, December 17th. They issued an “overweight” rating and a $23.00 price objective for the company. Finally, Stifel Nicolaus lifted their target price 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.

Insider Buying and Selling

In related news, SVP Daniel Deiro sold 20,000 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $20.29, for a total value of $405,800.00. Following the completion of the sale, the senior vice president directly owned 160,994 shares in the company, valued at $3,266,568.26. This represents a 11.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Olivier Rabiller sold 144,000 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $20.32, for a total value of $2,926,080.00. Following the transaction, the chief executive officer directly owned 905,546 shares of the company’s stock, valued at approximately $18,400,694.72. This represents a 13.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 337,000 shares of company stock valued at $6,839,290 over the last 90 days. 0.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Garrett Motion

A number of hedge funds have recently made changes to their positions in GTX. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Garrett Motion in the fourth quarter worth approximately $180,383,000. William Blair Investment Management LLC increased its position in Garrett Motion by 51.0% during the 3rd quarter. William Blair Investment Management LLC now owns 7,715,824 shares of the company’s stock valued at $105,090,000 after purchasing an additional 2,605,296 shares during the period. LSV Asset Management raised its holdings in Garrett Motion by 45.8% during the 4th quarter. LSV Asset Management now owns 6,235,408 shares of the company’s stock worth $108,683,000 after purchasing an additional 1,958,808 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Garrett Motion by 170.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,139,439 shares of the company’s stock worth $89,580,000 after purchasing an additional 3,241,952 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Garrett Motion by 85.9% in the 4th quarter. Marshall Wace LLP now owns 4,473,196 shares of the company’s stock worth $77,968,000 after purchasing an additional 2,067,264 shares during the period. 86.27% of the stock is currently owned by institutional investors.

Garrett Motion Stock Performance

Shares of GTX opened at $18.53 on Thursday. Garrett Motion has a 52 week low of $7.01 and a 52 week high of $21.42. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 14.59 and a beta of 0.31. The stock has a fifty day moving average of $18.83 and a 200-day moving average of $16.82.

Garrett Motion (NYSE:GTX) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.The company’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities analysts forecast that Garrett Motion will post 1.25 EPS for the current year.

Garrett Motion declared that its Board of Directors has approved a share repurchase program on Wednesday, December 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Garrett Motion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, March 2nd. Garrett Motion’s payout ratio is 21.05%.

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.