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Cyrus Capital Partners (WA:CPAP), along with Stephen C. Freidheim, reported selling 175,695 shares of Garrett Motion Inc. (NASDAQ:GTX) between July 28 and July 30. The sales, conducted near the stock’s 52-week high of $13.32, fetched prices ranging from $13.0273 to $13.1374, totaling approximately $2.3 million. The $2.62B market cap company has seen impressive gains, with a 46% return year-to-date.
On July 28, 93,334 shares were sold at a weighted average price of $13.1374. The following day, July 29, 50,000 shares were sold at a weighted average price of $13.0521. On July 30, the firm sold 32,361 shares at a weighted average price of $13.0273. According to InvestingPro analysis, GTX trades at an attractive P/E ratio of 9x while maintaining strong profitability metrics.
Following these transactions, Cyrus Capital Partners now holds 22,671,300 shares of Garrett Motion Inc. The shares are indirectly owned by Cyrus Capital Partners, L.P., as the investment manager of certain private investment funds, Cyrus Capital Partners GP, L.L.C., as the sole general partner of Cyrus Capital Partners, and Stephen C. Freidheim, as the Chief Investment Officer of Cyrus Capital Partners and the sole member and manager of Cyrus Capital GP. For deeper insights into GTX’s valuation and 10+ additional ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Garrett Motion has announced plans for a secondary public stock offering involving 17 million shares held by affiliates of Oaktree Capital Management, Centerbridge Partners, and Cyrus Capital Partners. The underwriters have a 30-day option to purchase an additional 2.55 million shares. While Garrett Motion will not sell shares or receive proceeds from this offering, it has announced a concurrent repurchase of approximately 2 million shares, with a cap of $25 million as part of its $250 million share repurchase program.
BNP Paribas (OTC:BNPQY) Exane has initiated coverage on Garrett Motion with an Outperform rating and a $14.00 price target, citing its strong financials and potential expansion into electric vehicle and industrial markets. Additionally, BWS Financial has reiterated its Buy rating and $14.00 price target, highlighting favorable currency movements and limited exposure to U.S. trade uncertainties. These developments could help Garrett Motion exceed BWS Financial’s quarterly estimates.
These recent developments reflect ongoing interest and strategic activities surrounding Garrett Motion.
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