The Manufacturers Life Insurance Company Acquires 17,313 Shares of Global Business Travel Group, Inc. (NYSE:GBTG)

The Manufacturers Life Insurance Company grew its holdings in shares of Global Business Travel Group, Inc. (NYSE:GBTG) by 31.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 71,901 shares of the company’s stock after acquiring an additional 17,313 shares during the period. The Manufacturers Life Insurance Company’s holdings in Global Business Travel Group were worth $553,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Amalgamated Bank increased its holdings in Global Business Travel Group by 299.1% in the second quarter. Amalgamated Bank now owns 4,342 shares of the company’s stock valued at $29,000 after purchasing an additional 3,254 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Global Business Travel Group in the 2nd quarter valued at about $108,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Global Business Travel Group in the second quarter valued at about $143,000. Entropy Technologies LP bought a new position in shares of Global Business Travel Group during the third quarter worth about $145,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Global Business Travel Group in the second quarter worth approximately $147,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on GBTG shares. Citigroup upped their target price on Global Business Travel Group from $9.00 to $9.50 and gave the company a “buy” rating in a report on Friday, October 4th. UBS Group initiated coverage on shares of Global Business Travel Group in a research note on Friday, November 22nd. They issued a “buy” rating and a $11.00 price objective on the stock. Finally, Morgan Stanley lifted their target price on shares of Global Business Travel Group from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Thursday.

Global Business Travel Group Trading Down 2.4 %

Shares of GBTG stock opened at $9.00 on Friday. Global Business Travel Group, Inc. has a fifty-two week low of $4.49 and a fifty-two week high of $9.60. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50 day simple moving average of $8.46 and a two-hundred day simple moving average of $7.39. The company has a market cap of $4.23 billion, a P/E ratio of -25.00 and a beta of 0.73.

Global Business Travel Group (NYSE:GBTG) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.14). Global Business Travel Group had a negative net margin of 7.06% and a negative return on equity of 9.70%. The company had revenue of $597.00 million during the quarter, compared to the consensus estimate of $611.89 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. Research analysts forecast that Global Business Travel Group, Inc. will post -0.17 earnings per share for the current year.

Global Business Travel Group declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 5th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Global Business Travel Group Company Profile

Global Business Travel Group, Inc provides business-to-business (B2B) travel platform in the United States and internationally. The company's platform offers a suite of technology-enabled solutions to business travelers and clients; travel content suppliers, such as airlines, hotels, ground transportation, and aggregators; and third-party travel agencies.