Garrett Motion (NYSE:GTX) Hits New 52-Week High – What’s Next?

Garrett Motion Inc. (NYSE:GTX)’s stock price 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.

Analysts Set New Price Targets

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

Garrett Motion Stock Up 0.3%

The company’s 50 day simple moving average is $17.71 and its 200-day simple moving average is $15.41. The firm has a market cap of $3.75 billion, a P/E ratio of 15.17 and a beta of 0.33.

Garrett Motion declared that its board has initiated a share buyback plan on Wednesday, December 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Garrett Motion

Several institutional investors and hedge funds have recently made changes to their positions in GTX. Jones Financial Companies Lllp bought a new position in shares of Garrett Motion in the first quarter worth about $42,000. Jane Street Group LLC grew its stake in Garrett Motion by 641.7% in the 1st quarter. Jane Street Group LLC now owns 90,919 shares of the company’s stock worth $761,000 after acquiring an additional 78,661 shares in the last quarter. KLP Kapitalforvaltning AS grew its stake in Garrett Motion by 41.5% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 20,800 shares of the company’s stock worth $219,000 after acquiring an additional 6,100 shares in the last quarter. Ritholtz Wealth Management increased its position in shares of Garrett Motion by 158.1% during the second quarter. Ritholtz Wealth Management now owns 168,896 shares of the company’s stock worth $1,775,000 after acquiring an additional 103,449 shares during the period. Finally, William Blair Investment Management LLC raised its stake in shares of Garrett Motion by 2.6% during the second quarter. William Blair Investment Management LLC now owns 5,110,528 shares of the company’s stock valued at $53,712,000 after acquiring an additional 128,479 shares in the last quarter. 86.27% of the stock is currently owned by 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.