Cyrus Capital Partners L.P. Sells 4,692,131 Shares of Garrett Motion Inc. $GTX

Cyrus Capital Partners L.P. reduced its position in Garrett Motion Inc. (NASDAQ:GTX) by 68.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,159,866 shares of the company’s stock after selling 4,692,131 shares during the quarter. Garrett Motion comprises about 20.0% of Cyrus Capital Partners L.P.’s portfolio, making the stock its 2nd largest position. Cyrus Capital Partners L.P.’s holdings in Garrett Motion were worth $39,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Convergence Investment Partners LLC lifted its holdings in shares of Garrett Motion by 0.9% during the 1st quarter. Convergence Investment Partners LLC now owns 45,952 shares of the company’s stock worth $835,000 after acquiring an additional 423 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Garrett Motion by 22.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,450 shares of the company’s stock worth $63,000 after acquiring an additional 629 shares in the last quarter. Baron Wealth Management LLC increased its stake in Garrett Motion by 3.3% in the first quarter. Baron Wealth Management LLC now owns 27,324 shares of the company’s stock valued at $496,000 after acquiring an additional 878 shares during the last quarter. Global Retirement Partners LLC increased its stake in 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 acquiring an additional 970 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in Garrett Motion by 2.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,895 shares of the company’s stock valued at $707,000 after purchasing an additional 995 shares in the last quarter. 86.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Garrett Motion

In other news, SVP Mark Albert Rodrigues sold 10,516 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $33.82, for a total value of $355,651.12. Following the completion of the transaction, the senior vice president directly owned 83,178 shares in the company, valued at approximately $2,813,079.96. This represents a 11.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel A. Ninivaggi sold 17,178 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $31.22, for a total value of $536,297.16. Following the completion of the transaction, the director owned 124,885 shares of the company’s stock, valued at $3,898,909.70. The trade was a 12.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 213,834 shares of company stock valued at $6,918,710 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GTX. Stifel Nicolaus upped 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. JPMorgan Chase & Co. lifted their price target on Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Zacks Research cut Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft upgraded Garrett Motion from a “hold” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $36.00 in a research report on Thursday. Finally, Royal Bank Of Canada set a $42.00 price objective on Garrett Motion in a research note on Thursday, May 21st. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.80.

Garrett Motion Trading Up 0.5%

Shares of Garrett Motion stock opened at $31.15 on Friday. The firm’s 50 day moving average is $32.66 and its 200 day moving average is $24.88. The firm has a market capitalization of $5.81 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 0.92 and a beta of 0.78. Garrett Motion Inc. has a 1 year low of $12.26 and a 1 year high of $36.25.

Garrett Motion (NASDAQ:GTX) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.53 EPS for the quarter, beating 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. As a group, research analysts anticipate that Garrett Motion Inc. will post 1.86 earnings per share for the current year.

Garrett Motion Announces Dividend

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

About Garrett Motion

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.