Ameriprise Financial Inc. cut its stake in GTT Communications Inc (NYSE:GTT) by 17.2% in the 3rd quarter, according to its most recent disclosure 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 period. Ameriprise Financial Inc. owned 0.10% of GTT Communications worth $1,314,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bamco Inc. NY bought a new stake in GTT Communications in the 2nd quarter worth approximately $42,727,000. Cove Street Capital LLC purchased a new position in shares of GTT Communications during the 2nd quarter worth $8,507,000. Castleark Management LLC boosted its stake in shares of GTT Communications by 40.1% during the 2nd quarter. Castleark Management LLC now owns 472,769 shares of the technology company’s stock worth $14,963,000 after acquiring an additional 135,407 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of GTT Communications by 11.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock worth $38,876,000 after acquiring an additional 126,032 shares during the last quarter. Finally, Monarch Partners Asset Management LLC boosted its stake in shares of GTT Communications by 160.6% during the 3rd quarter. Monarch Partners Asset Management LLC now owns 179,355 shares of the technology company’s stock worth $5,677,000 after acquiring an additional 110,525 shares during the last quarter. 65.41% of the stock is owned by institutional investors and hedge funds.
In other GTT Communications news, insider Mcmullen Family Trust purchased 60,000 shares of the stock in a transaction dated Tuesday, November 21st. The stock was purchased at an average price of $0.65 per share, with a total value of $39,000.00. Also, insider Richard Calder sold 10,000 shares of the company’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 transaction of $363,300.00. Following the completion of the sale, the insider now directly owns 1,113,679 shares of the company’s stock, valued at approximately $40,459,958.07. The disclosure for this sale can be found here. Insiders have sold a total of 50,000 shares of company stock worth $1,341,960 over the last quarter. 25.70% of the stock is currently owned by insiders.
Shares of GTT Communications Inc (NYSE:GTT) opened at $43.50 on Thursday. GTT Communications Inc has a fifty-two week low of $22.95 and a fifty-two week high of $47.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08. The firm has a market cap of $1,849.02, a PE ratio of -66.92, a PEG ratio of 19.45 and a beta of 1.48.
GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.07. GTT Communications had a negative net margin of 3.78% and a positive return on equity of 1.89%. research analysts anticipate that GTT Communications Inc will post -0.77 earnings per share for the current year.
Several research analysts have recently weighed in on GTT shares. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Oppenheimer lifted their target price on shares of GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. Finally, KeyCorp downgraded shares of GTT Communications to an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. GTT Communications currently has a consensus rating of “Buy” and a consensus target price of $40.20.
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GTT Communications Company 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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