Emerald Mutual Fund Advisers Trust lessened its position in GTT Communications Inc (NYSE:GTT) by 46.7% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 289,149 shares of the technology company’s stock after selling 253,184 shares during the period. Emerald Mutual Fund Advisers Trust owned approximately 0.53% of GTT Communications worth $12,549,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the business. Crestview Partners III GP L.P. bought a new position in shares of GTT Communications in the second quarter valued at approximately $177,680,000. BlackRock Inc. lifted its holdings in shares of GTT Communications by 15.8% in the second quarter. BlackRock Inc. now owns 2,305,045 shares of the technology company’s stock valued at $103,726,000 after purchasing an additional 313,812 shares in the last quarter. Bislett Management LLC lifted its holdings in shares of GTT Communications by 169.8% in the second quarter. Bislett Management LLC now owns 269,826 shares of the technology company’s stock valued at $12,142,000 after purchasing an additional 169,826 shares in the last quarter. Ardsley Advisory Partners bought a new position in shares of GTT Communications in the second quarter valued at approximately $6,743,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of GTT Communications by 48.6% in the second quarter. Wells Fargo & Company MN now owns 434,142 shares of the technology company’s stock valued at $19,536,000 after purchasing an additional 141,920 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on GTT shares. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “strong sell” rating in a report on Friday, October 5th. BWS Financial started coverage on GTT Communications in a report on Monday, August 6th. They issued a “sell” rating and a $5.00 target price on the stock. Raymond James restated a “buy” rating and issued a $53.00 target price on shares of GTT Communications in a report on Monday, August 20th. William Blair restated a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. Finally, KeyCorp set a $57.00 target price on GTT Communications and gave the company a “buy” rating in a report on Tuesday, August 21st. Two analysts have rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. GTT Communications has an average rating of “Buy” and an average price target of $51.33.
Shares of GTT Communications stock opened at $38.31 on Friday. GTT Communications Inc has a 12 month low of $31.44 and a 12 month high of $62.32. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 6.29.
GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.25). The business had revenue of $326.80 million for the quarter, compared to the consensus estimate of $297.68 million. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The business’s revenue was up 71.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 earnings per share. On average, sell-side analysts expect that GTT Communications Inc will post -1.36 earnings per share for the current year.
In other GTT Communications news, major shareholder Spruce House Partnership Lp purchased 387,933 shares of the company’s stock in a transaction that occurred on Thursday, October 4th. The shares were acquired at an average cost of $44.11 per share, for a total transaction of $17,111,724.63. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Chris Mckee sold 2,211 shares of GTT Communications stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $40.05, for a total value of $88,550.55. Following the sale, the general counsel now owns 416,266 shares in the company, valued at $16,671,453.30. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 3,338,392 shares of company stock worth $129,127,640 and have sold 11,417 shares worth $491,901. Company insiders own 23.01% of the company’s stock.
GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.
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