Share Repurchase Program Announced by Garrett Motion (NYSE:GTX) Board

Garrett Motion (NYSE:GTX) announced that its board has approved a stock buyback plan on Wednesday, December 3rd, RTT News reports. The company plans to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently issued reports on GTX. Zacks Research raised shares of Garrett Motion from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Stifel Nicolaus set a $20.00 price target on shares of Garrett Motion in a research report on Friday, October 24th. BWS Financial reissued a “buy” rating and set a $18.00 price objective on shares of Garrett Motion in a research report on Friday, October 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Garrett Motion in a report on Monday, October 20th. They issued a “hold” rating and a $14.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Garrett Motion currently has a consensus rating of “Buy” and an average target price of $16.50.

Garrett Motion Stock Performance

Garrett Motion stock opened at $16.75 on Friday. The stock has a market capitalization of $3.26 billion, a P/E ratio of 13.19 and a beta of 0.23. The company’s fifty day moving average price is $15.37 and its 200 day moving average price is $13.10. Garrett Motion has a 1 year low of $7.01 and a 1 year high of $17.91.

Garrett Motion (NYSE:GTX) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. Garrett Motion had a negative return on equity of 38.75% and a net margin of 8.12%.During the same quarter last year, the company posted $0.24 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. Sell-side analysts predict that Garrett Motion will post 1.25 EPS for the current year.

Garrett Motion Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 1.9%. This is a boost from Garrett Motion’s previous quarterly dividend of $0.06. Garrett Motion’s dividend payout ratio is currently 20.38%.

Insider Buying and Selling

In other news, major shareholder Cyrus Capital Partners, L.P. sold 350,566 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $13.28, for a total transaction of $4,655,516.48. Following the transaction, the insider directly owned 20,009,945 shares in the company, valued at $265,732,069.60. The trade was a 1.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 613,403 shares of company stock valued at $8,133,314. 0.83% of the stock is currently owned by corporate insiders.

Garrett Motion Company Profile

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.