In a recent transaction on March 15, Cyrus Capital Partners, L.P., a significant shareholder in Garrett Motion Inc. (NYSE:NASDAQ:GTX), sold 100,000 shares of the company at a price of $9.85 per share, totaling $985,000. This sale was disclosed in a Form 4 filing with the Securities and Exchange Commission.
Garrett Motion Inc., known for manufacturing motor vehicle parts and accessories, has seen its shares being actively traded by Cyrus Capital Partners, which is managed by investment veteran Stephen C. Freidheim. The transaction has brought the investment firm's holdings in Garrett Motion to 28,727,284 shares.
The recent sale by Cyrus Capital Partners is part of the firm's portfolio adjustments. It is worth noting that the shares were sold indirectly through various private investment funds managed by Cyrus Capital Partners, including Cyrus 1740 Master Fund, L.P., Canary SC Master Fund, L.P., and others.
Stephen C. Freidheim, the Chief Investment Officer of Cyrus Capital Partners, and the sole member and manager of Cyrus Capital Partners GP, L.L.C., has signed the SEC filing, indicating his role in the transaction. The filing also made it clear that the Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into a company's financial health and future prospects. The sale of Garrett Motion shares by Cyrus Capital Partners comes at a time when the automotive industry is facing various challenges and opportunities, including the transition to electric vehicles and the impact of global supply chain issues.
Garrett Motion Inc.'s stock performance and future outlook remain of interest to both retail and institutional investors. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol GTX.
InvestingPro Insights
As Garrett Motion Inc. (NYSE:GTX) navigates the dynamic automotive parts landscape, recent market activity and company metrics provide a glimpse into its financial standing. According to InvestingPro data, Garrett Motion has a market capitalization of approximately $2.27 billion USD. This valuation comes as the company is experiencing revenue growth, with the last twelve months as of Q4 2023 seeing an increase of 7.85%, amounting to total revenues of $3.886 billion USD. Despite these gains, the company's P/E ratio stands at -31.23, underscoring that it has not been profitable over the last twelve months.
The InvestingPro Tips for Garrett Motion suggest a mixed outlook. While management's aggressive share buyback strategy could be a sign of confidence in the company's future, the current lack of profitability is a concern. However, analysts are optimistic, predicting that net income is expected to grow this year, and that the company will be profitable within the year. It's also worth noting that Garrett Motion does not pay a dividend, which may influence investment decisions for income-focused shareholders.
Investors tracking Garrett Motion's performance will find that the company's stock has had a strong return over the last three months, with a 15.71% price total return. Additionally, the stock is trading near its 52-week high, at 94.77% of the peak value. These figures could signal a positive investor sentiment and a potential for continued upward momentum in the stock price.
For those seeking more in-depth analysis and additional insights, InvestingPro offers more tips on Garrett Motion Inc. Using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a broader range of investment analytics and data for informed decision-making. Currently, there are 6 additional InvestingPro Tips available for Garrett Motion, which can offer further guidance on the company's prospects.
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