Boston Financial Mangement LLC purchased a new stake in shares of GTT Communications, Inc. (NYSE:GTT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 68,535 shares of the technology company’s stock, valued at approximately $2,169,000. Boston Financial Mangement LLC owned approximately 0.17% of GTT Communications at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of GTT. D.A. Davidson & CO. grew its stake in shares of GTT Communications by 4.6% in the second quarter. D.A. Davidson & CO. now owns 20,224 shares of the technology company’s stock worth $640,000 after purchasing an additional 890 shares in the last quarter. Alliancebernstein L.P. boosted its stake in GTT Communications by 3.1% during the first quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock valued at $721,000 after buying an additional 900 shares in the last quarter. Teachers Advisors LLC boosted its stake in GTT Communications by 2.1% during the first quarter. Teachers Advisors LLC now owns 43,757 shares of the technology company’s stock valued at $1,065,000 after buying an additional 906 shares in the last quarter. Legal & General Group Plc boosted its stake in GTT Communications by 14.1% during the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock valued at $234,000 after buying an additional 907 shares in the last quarter. Finally, ING Groep NV boosted its stake in GTT Communications by 2.8% during the second quarter. ING Groep NV now owns 38,653 shares of the technology company’s stock valued at $1,223,000 after buying an additional 1,047 shares in the last quarter. 59.14% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on GTT. Zacks Investment Research upgraded GTT Communications from a “sell” rating to a “hold” rating in a research report on Friday. Cowen and Company set a $43.00 price objective on GTT Communications and gave the stock a “buy” rating in a research note on Friday, August 4th. Finally, BidaskClub downgraded GTT Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $36.20.
In other news, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $31.34, for a total transaction of $313,400.00. Following the completion of the sale, the insider now owns 1,141,242 shares in the company, valued at $35,766,524.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $36.34, for a total value of $254,380.00. Following the sale, the general counsel now directly owns 391,517 shares of the company’s stock, valued at $14,227,727.78. The disclosure for this sale can be found here. Insiders have sold a total of 51,000 shares of company stock valued at $1,694,360 in the last 90 days. 25.70% of the stock is owned by corporate insiders.
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GTT Communications, Inc. (GTT) traded up $0.50 on Friday, reaching $37.40. The company’s stock had a trading volume of 277,500 shares, compared to its average volume of 478,191. GTT Communications, Inc. has a 12-month low of $22.70 and a 12-month high of $37.50. The firm has a market cap of $1,625.22, a price-to-earnings ratio of 415.56 and a beta of 1.49. The company has a debt-to-equity ratio of 4.08, a current ratio of 0.91 and a quick ratio of 1.69.
GTT Communications Profile
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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