Principal Financial Group Inc. Cuts Stock Holdings in Global Business Travel Group, Inc. (NYSE:GBTG)

Principal Financial Group Inc. reduced its position in Global Business Travel Group, Inc. (NYSE:GBTG) by 30.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,337 shares of the company’s stock after selling 4,961 shares during the period. Principal Financial Group Inc.’s holdings in Global Business Travel Group were worth $87,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. American Capital Advisory LLC purchased a new stake in shares of Global Business Travel Group in the third quarter valued at approximately $568,000. SG Americas Securities LLC purchased a new stake in shares of Global Business Travel Group during the third quarter worth approximately $373,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Global Business Travel Group in the second quarter valued at about $143,000. The Manufacturers Life Insurance Company raised its holdings in Global Business Travel Group by 70.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 54,588 shares of the company’s stock valued at $360,000 after acquiring an additional 22,650 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Global Business Travel Group during the second quarter worth approximately $489,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Global Business Travel Group Stock Up 0.4 %

GBTG opened at $9.50 on Wednesday. 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 market capitalization of $4.47 billion, a P/E ratio of -26.39 and a beta of 0.63. The business’s 50-day simple moving average is $8.00 and its 200-day simple moving average is $7.09. Global Business Travel Group, Inc. has a one year low of $4.49 and a one year high of $9.60.

Global Business Travel Group (NYSE:GBTG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $597.00 million during the quarter, compared to analysts’ expectations of $611.89 million. During the same period in the prior year, the firm posted ($0.02) EPS. Analysts anticipate that Global Business Travel Group, Inc. will post -0.17 EPS for the current year.

Global Business Travel Group announced that its board has authorized a stock buyback plan on Tuesday, November 5th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

GBTG has been the topic of several analyst reports. UBS Group initiated coverage on Global Business Travel Group in a report on Friday, November 22nd. They set a “buy” rating and a $11.00 price target on the stock. Citigroup increased their price target on Global Business Travel Group from $9.00 to $9.50 and gave the stock a “buy” rating in a report on Friday, October 4th. Finally, Evercore ISI raised their price objective on Global Business Travel Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th.

About Global Business Travel Group

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.