Ameriprise Financial Inc. trimmed its holdings in shares of GTT Communications Inc (NYSE:GTT) by 17.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,503 shares of the technology company’s stock after selling 8,618 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.10% of GTT Communications worth $1,314,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in GTT. Schwab Charles Investment Management Inc. raised its stake in shares of GTT Communications by 13.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 116,867 shares of the technology company’s stock worth $3,699,000 after buying an additional 13,667 shares during the period. Rhumbline Advisers raised its stake in shares of GTT Communications by 16.0% during the 2nd quarter. Rhumbline Advisers now owns 33,510 shares of the technology company’s stock worth $1,061,000 after buying an additional 4,619 shares during the period. Bank of New York Mellon Corp raised its stake in shares of GTT Communications by 6.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 325,388 shares of the technology company’s stock worth $10,298,000 after buying an additional 19,946 shares during the period. Legal & General Group Plc raised its stake in shares of GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after buying an additional 907 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in shares of GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after buying an additional 3,295 shares during the period. 65.41% of the stock is owned by institutional investors and hedge funds.
Shares of GTT Communications Inc (NYSE:GTT) opened at $42.20 on Thursday. The company has a debt-to-equity ratio of 4.08, a quick ratio of 0.91 and a current ratio of 0.91. GTT Communications Inc has a 12-month low of $22.95 and a 12-month high of $47.75. The company has a market capitalization of $1,830.00, a P/E ratio of -75.36, a P/E/G ratio of 19.54 and a beta of 1.32.
In related news, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $36.34, for a total transaction of $254,380.00. Following the completion of the sale, the general counsel now directly owns 391,517 shares in the company, valued at $14,227,727.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $36.33, for a total value of $363,300.00. Following the sale, the insider now owns 1,113,679 shares of the company’s stock, valued at $40,459,958.07. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 81,000 shares of company stock valued at $63,250 and have sold 50,000 shares valued at $1,341,960. 25.70% of the stock is currently owned by insiders.
Several research analysts have recently weighed in on GTT shares. Zacks Investment Research raised GTT Communications from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Oppenheimer upped their target price on GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $40.20.
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About GTT Communications
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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