Garrett Motion (NYSE:GTX) Hits New 12-Month High – Here’s Why

Shares of Garrett Motion Inc. (NYSE:GTX) reached a new 52-week high during trading on Monday . The stock traded as high as $19.44 and last traded at $19.4560, with a volume of 269227 shares. The stock had previously closed at $19.21.

Wall Street Analysts Forecast Growth

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

Garrett Motion Stock Performance

The stock has a market cap of $3.75 billion, a P/E ratio of 15.17 and a beta of 0.33. The firm has a 50-day moving average price of $17.71 and a 200-day moving average price of $15.41.

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

Institutional Trading of Garrett Motion

A number of hedge funds and other institutional investors have recently modified their holdings of GTX. Geode Capital Management LLC boosted its stake in Garrett Motion by 10.9% during the fourth quarter. Geode Capital Management LLC now owns 3,881,043 shares of the company’s stock worth $67,655,000 after acquiring an additional 380,729 shares in the last quarter. Smead Capital Management Inc. purchased a new stake in Garrett Motion during the 4th quarter valued at $4,257,000. Jefferies Financial Group Inc. bought a new position in Garrett Motion in the fourth quarter valued at about $321,000. LSV Asset Management increased its position in shares of Garrett Motion by 45.8% during the 4th quarter. LSV Asset Management now owns 6,235,408 shares of the company’s stock valued at $108,683,000 after purchasing an additional 1,958,808 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company’s stock worth $28,000 after buying an additional 970 shares during the last quarter. 86.27% of the stock is owned by hedge funds and other institutional investors.

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.