Lazard Asset Management LLC Has $3.04 Million Stake in Global Business Travel Group, Inc. $GBTG

Key Points

• Lazard Asset Management increased its GBTG stake by 439% in the first quarter, reaching 545,145 shares valued at approximately $3.04 million. Institutional investors collectively own 82.46% of the company.
• Global Business Travel Group exceeded quarterly expectations, reporting $0.10 EPS versus a $0.05 estimate and revenue of $840 million, up 35.3% year over year.
• Despite strong results, insiders sold 1.57 million shares worth $14.7 million over the past 90 days, while analysts maintain a consensus “Hold” rating with an $8.90 price target, below the reported $9.43 share price.

Lazard Asset Management LLC grew its holdings in Global Business Travel Group, Inc. (NYSE:GBTG - Free Report) by 439.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 545,145 shares of the company's stock after acquiring an additional 444,003 shares during the quarter. Lazard Asset Management LLC owned 0.10% of Global Business Travel Group worth $3,042,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Redwood Capital Management LLC bought a new stake in Global Business Travel Group during the 3rd quarter worth approximately $173,347,000. Attestor Capital Ltd bought a new position in Global Business Travel Group in the fourth quarter valued at approximately $67,917,000. Vanguard Group Inc. boosted its holdings in shares of Global Business Travel Group by 24.7% in the fourth quarter. Vanguard Group Inc. now owns 13,857,451 shares of the company's stock valued at $106,010,000 after buying an additional 2,744,068 shares during the period. Millennium Management LLC increased its position in shares of Global Business Travel Group by 2,646.7% during the fourth quarter. Millennium Management LLC now owns 1,679,217 shares of the company's stock worth $12,846,000 after acquiring an additional 1,618,081 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Global Business Travel Group by 28.2% during the first quarter. Dimensional Fund Advisors LP now owns 4,255,603 shares of the company's stock worth $23,741,000 after acquiring an additional 936,989 shares during the period. Institutional investors own 82.46% of the company's stock.

Global Business Travel Group Price Performance

Shares of NYSE GBTG opened at $9.43 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day moving average of $9.39 and a 200-day moving average of $7.50. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of 55.44 and a beta of 0.93. Global Business Travel Group, Inc. has a fifty-two week low of $4.95 and a fifty-two week high of $9.54.

Global Business Travel Group (NYSE:GBTG - Get Free Report) last released its earnings results on Monday, May 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. Global Business Travel Group had a return on equity of 2.51% and a net margin of 2.93%.The business had revenue of $840.00 million for the quarter, compared to analyst estimates of $814.55 million. The company's revenue was up 35.3% compared to the same quarter last year. As a group, sell-side analysts predict that Global Business Travel Group, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Transactions at Global Business Travel Group

In other news, insider Eric J. Bock sold 125,030 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $9.36, for a total value of $1,170,280.80. Following the completion of the sale, the insider owned 871,342 shares of the company's stock, valued at approximately $8,155,761.12. This represents a 12.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Evan Konwiser sold 356,222 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $9.34, for a total value of $3,327,113.48. Following the completion of the sale, the insider directly owned 502,641 shares of the company's stock, valued at approximately $4,694,666.94. The trade was a 41.48% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,572,683 shares of company stock valued at $14,704,271. 5.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wall Street Zen cut shares of Global Business Travel Group from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Evercore cut Global Business Travel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. BTIG Research downgraded Global Business Travel Group from a "buy" rating to a "neutral" rating in a research note on Monday, May 4th. Weiss Ratings upgraded Global Business Travel Group from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, May 15th. Finally, Bank of America assumed coverage on Global Business Travel Group in a research report on Tuesday, April 7th. They set a "neutral" rating and a $6.50 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Global Business Travel Group has a consensus rating of "Hold" and a consensus target price of $8.90.

Global Business Travel Group Company Profile

Global Business Travel Group NYSE: GBTG, formerly known as American Express Global Business Travel, is a provider of end-to-end corporate travel management solutions. The company helps organizations plan, book and manage business travel, meetings and events through an integrated suite of services. Its offerings include traveller support, expense management, virtual and in-person meeting services, data analytics and duty-of-care solutions tailored to enterprise customers.

Operating under a global network of offices and digital platforms, Global Business Travel Group serves clients across the Americas, EMEA and Asia Pacific.

Want to see what other hedge funds are holding GBTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Global Business Travel Group, Inc. (NYSE:GBTG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source