In a recent transaction, Cyrus Capital Partners, L.P., along with its related entities, has sold a substantial amount of stock in Garrett Motion Inc. (NYSE:NASDAQ:GTX). The sale, which took place on April 1, 2024, involved 163,027 shares at prices ranging from $10.00 to $10.05 per share. The total value of the shares sold by the investment firm amounted to approximately $1,631,003, based on a weighted average price of $10.0045 per share.
The shares sold are part of the holdings managed by Cyrus Capital Partners, which operates as the investment manager for various private investment funds. These funds directly hold the securities and include entities such as Cyrus 1740 Master Fund, L.P., and Canary SC Master Fund, L.P., among others. 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, are also involved in the beneficial ownership of these securities.
Following the transaction, the reporting entities, which collectively manage the investment decisions for these funds, still hold a significant number of shares in Garrett Motion Inc., amounting to 27,671,372 shares. The reporting entities have disclosed that they have a pecuniary interest in the shares held by the funds, although they have disclaimed beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest.
The sale of Garrett Motion Inc. stock by Cyrus Capital Partners is a notable event for investors, as it involves a large volume of shares and represents a significant transaction by a major stakeholder in the company. Garrett Motion Inc., known for its role in the motor vehicle parts and accessories industry, continues to be a company of interest in the investment community.
InvestingPro Insights
Garrett Motion Inc. (NYSE:GTX) has been showing some intriguing financial dynamics recently, according to InvestingPro data. With a market capitalization of $2.35 billion, the company has experienced a revenue growth of 7.85% over the last twelve months as of Q4 2023. This growth is complemented by a gross profit of $756 million, resulting in a gross profit margin of 19.45%. Despite not paying dividends, GTX's aggressive share buyback strategy and the expectation of net income growth this year are noteworthy developments for investors to consider.
InvestingPro Tips suggest that management's confidence in the company's prospects is reflected in the share buybacks, and analysts are predicting that GTX will turn profitable within the year. The company's stock has also witnessed a significant price uptick over the last six months, with a total return of 32.48%, trading near its 52-week high at 97.64% of that peak. This positive momentum could be indicative of market optimism regarding the company's future performance.
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