Executives at Cyrus Capital Partners, a significant shareholder in Garrett Motion Inc. (NYSE:NASDAQ:GTX), have recently sold a substantial number of shares in the automotive parts manufacturer. The sales, which occurred on March 22 and March 25, totaled over $4.5 million.
On March 22, transactions involving 260,000 shares of Garrett Motion were executed at a weighted average price of $9.8724, with prices ranging from $9.8264 to $9.93. Following these transactions, the selling parties retained ownership of 28,467,284 shares. A few days later, on March 25, an additional 200,000 shares were sold at a weighted average price of $10.025, within a price range of $10.00 to $10.05. Post this sale, the executives held 28,267,284 shares in the company.
These transactions were carried out indirectly by Cyrus Capital Partners, L.P., Cyrus Capital Partners GP, LLC, and Stephen C. Freidheim, who is associated with both entities and is the Chief Investment Officer of Cyrus Capital Partners. The shares are owned beneficially by Cyrus Capital Partners as the investment manager of various private investment funds that directly hold the securities.
The detailed information regarding the specific number of shares sold at each price within the ranges provided has been made available upon request to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission.
The executives at Cyrus Capital have stated that they disclaim beneficial ownership of any securities reported by any other person, except to the extent of their pecuniary interest therein, if any.
Garrett Motion Inc., headquartered in Rolle, Switzerland, is known for its role in the motor vehicle parts and accessories sector. The company has been a player in the automotive industry, providing cutting-edge technology for vehicles.
Investors and market watchers often scrutinize the buying and selling activities of company insiders and significant shareholders, as these can provide insights into the company's financial health and future prospects. The recent sales by Cyrus Capital Partners' executives might be of interest to those closely monitoring Garrett Motion's stock performance.
InvestingPro Insights
Amid the recent sales by Cyrus Capital Partners' executives, Garrett Motion Inc. (NYSE:GTX) shows a blend of intriguing financial metrics and market activity that may shed light on its current valuation and future prospects. According to InvestingPro data, Garrett Motion has a market capitalization of $2.32 billion, reflecting the market's valuation of the company. Despite a challenging P/E ratio of -31.94, analysts from InvestingPro have highlighted some positive signs. Notably, the company's revenue has grown by 7.85% over the last twelve months as of Q4 2023, indicating an upward trajectory in its financial performance.
Furthermore, Garrett Motion has experienced a significant price increase over the past six months, with a total return of 28.57%, suggesting a strong market confidence in the company's future. An InvestingPro Tip points out that management has been aggressively buying back shares, which can be seen as a vote of confidence in the company's value and potential for growth. Additionally, analysts predict that Garrett Motion will turn profitable this year, which could be a pivotal moment for the company's financial turnaround.
Investors seeking a deeper analysis can find more InvestingPro Tips on Garrett Motion, including expectations of net income growth this year and the fact that the company does not pay a dividend to shareholders. For those interested in leveraging these insights, InvestingPro offers a comprehensive set of additional tips, and by using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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