GTX - Garrett Motion unveils $100M stock buyback program

Garrett Motion (NASDAQ:GTX) +2.3% pre-market after authorizing a $100M share repurchase program valid for another year. The $100 million will be split roughly four-to-one between series A preferred shares and common shares. "Today’s authorization of a $100M share repurchase program is a clear step to enhance shareholder return as we continue to normalize and further improve Garrett's capital structure," President and CEO Olivier Rabiller says. Garrett Motion is a "leader in the turbocharger market with a strong moat on their business," Miguel Marecos Duarte writes in a bullish analysis published on Seeking Alpha.

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Garrett Motion unveils $100M stock buyback program