Cyrus Capital Partners L.P. Has $39.24 Million Stock Holdings in Garrett Motion Inc. $GTX

Key Points

• Cyrus Capital Partners cut its Garrett Motion stake by 68.5% in the first quarter, selling 4.69 million shares and retaining 2.16 million shares worth approximately $39.2 million. Garrett Motion remains 20% of the fund’s portfolio and its second-largest holding.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds, producing a consensus rating of “Moderate Buy” and an average price target of $37.80. Deutsche Bank upgraded the stock to Buy and raised its target to $36.
• Garrett Motion reported quarterly EPS of $0.53, exceeding the $0.46 consensus estimate, while revenue rose 6.9% year over year to $976 million. The company also declared a quarterly dividend of $0.08 per share, representing a 1.0% yield.

Cyrus Capital Partners L.P. cut its holdings in shares of Garrett Motion Inc. (NASDAQ:GTX - Free Report) by 68.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,159,866 shares of the company's stock after selling 4,692,131 shares during the quarter. Garrett Motion comprises 20.0% of Cyrus Capital Partners L.P.'s portfolio, making the stock its 2nd biggest holding. Cyrus Capital Partners L.P. owned 1.15% of Garrett Motion worth $39,245,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Cullen Frost Bankers Inc. lifted its holdings in Garrett Motion by 7,110.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,442 shares of the company's stock valued at $25,000 after purchasing an additional 1,422 shares during the last quarter. Spire Wealth Management increased its holdings in shares of Garrett Motion by 971.2% in the fourth quarter. Spire Wealth Management now owns 1,489 shares of the company's stock valued at $26,000 after purchasing an additional 1,350 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Garrett Motion by 156.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,589 shares of the company's stock valued at $28,000 after purchasing an additional 970 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Garrett Motion by 1,422.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,705 shares of the company's stock valued at $30,000 after purchasing an additional 1,593 shares during the period. Finally, Jones Financial Companies Lllp bought a new position in shares of Garrett Motion in the first quarter valued at about $42,000. 86.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on GTX shares. Wall Street Zen downgraded shares of Garrett Motion from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. BWS Financial reissued a "buy" rating and issued a $42.00 price target on shares of Garrett Motion in a report on Thursday. Weiss Ratings restated a "buy (b)" rating on shares of Garrett Motion in a research report on Friday, July 24th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $33.00 to $36.00 in a report on Thursday. Finally, Stifel Nicolaus increased their target price on Garrett Motion from $29.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Garrett Motion has an average rating of "Moderate Buy" and a consensus target price of $37.80.

Insider Buying and Selling

In related news, CFO Sean Deason sold 110,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $31.93, for a total transaction of $3,512,300.00. Following the sale, the chief financial officer owned 261,909 shares of the company's stock, valued at $8,362,754.37. This represents a 29.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $31.22, for a total value of $536,297.16. Following the transaction, the director owned 124,885 shares in the company, valued at approximately $3,898,909.70. This trade represents a 12.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 213,834 shares of company stock valued at $6,918,710. 1.10% of the stock is currently owned by corporate insiders.

Garrett Motion Stock Performance

NASDAQ:GTX opened at $31.15 on Friday. Garrett Motion Inc. has a 52 week low of $12.26 and a 52 week high of $36.25. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 0.92 and a beta of 0.78. The firm's 50-day simple moving average is $32.66 and its 200 day simple moving average is $24.88.

Garrett Motion (NASDAQ:GTX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. The business had revenue of $976.00 million during the quarter. Garrett Motion had a net margin of 9.51% and a negative return on equity of 46.50%. Garrett Motion's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 EPS. Sell-side analysts anticipate that Garrett Motion Inc. will post 1.86 EPS for the current year.

Garrett Motion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 1st. Garrett Motion's payout ratio is 17.58%.

Garrett Motion Company Profile

Garrett Motion Inc is a technology leader specializing in the design, development and manufacture of turbocharging systems and related technologies for the global automotive industry. Its product portfolio includes conventional exhaust gas turbochargers, variable-geometry turbochargers, electric and e-boost turbochargers, as well as electronic actuators, sensors and thermal management systems. The company’s solutions are engineered to improve engine efficiency, reduce emissions and support automakers’ efforts to meet evolving regulatory standards for fuel economy and air quality.

Garrett Motion traces its roots to the founding of AiResearch by Cliff Garrett in 1936, a pioneer in aircraft and automotive turbocharging technologies.

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