GTT Communications Inc (GTT) Major Shareholder Spruce House Partnership Lp Acquires 327,000 Shares

GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp acquired 327,000 shares of the company’s stock in a transaction on Wednesday, October 24th. The stock was acquired at an average price of $33.13 per share, with a total value of $10,833,510.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Spruce House Partnership Lp also recently made the following trade(s):

  • On Friday, October 26th, Spruce House Partnership Lp acquired 524,100 shares of GTT Communications stock. The stock was acquired at an average price of $33.55 per share, with a total value of $17,583,555.00.
  • On Tuesday, October 2nd, Spruce House Partnership Lp acquired 105,000 shares of GTT Communications stock. The stock was acquired at an average price of $44.10 per share, with a total value of $4,630,500.00.
  • On Thursday, October 4th, Spruce House Partnership Lp acquired 387,933 shares of GTT Communications stock. The stock was acquired at an average price of $44.11 per share, with a total value of $17,111,724.63.
  • On Wednesday, September 12th, Spruce House Partnership Lp acquired 103,000 shares of GTT Communications stock. The stock was acquired at an average price of $42.80 per share, with a total value of $4,408,400.00.
  • On Friday, September 14th, Spruce House Partnership Lp acquired 328,000 shares of GTT Communications stock. The stock was acquired at an average price of $43.10 per share, with a total value of $14,136,800.00.
  • On Thursday, September 6th, Spruce House Partnership Lp acquired 234,067 shares of GTT Communications stock. The stock was acquired at an average price of $40.01 per share, with a total value of $9,365,020.67.
  • On Monday, September 10th, Spruce House Partnership Lp acquired 702,531 shares of GTT Communications stock. The stock was acquired at an average price of $41.88 per share, with a total value of $29,421,998.28.
  • On Wednesday, August 15th, Spruce House Partnership Lp acquired 178,846 shares of GTT Communications stock. The stock was acquired at an average price of $36.44 per share, with a total value of $6,517,148.24.
  • On Monday, August 13th, Spruce House Partnership Lp acquired 426,915 shares of GTT Communications stock. The stock was acquired at an average price of $33.73 per share, with a total value of $14,399,842.95.

Shares of NYSE:GTT opened at $34.50 on Monday. The company has a market capitalization of $1.88 billion, a PE ratio of 143.75 and a beta of 0.80. 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 Inc has a 12 month low of $31.44 and a 12 month high of $62.32.



GTT Communications (NYSE:GTT) last issued its earnings results on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.25). The firm had revenue of $326.80 million during the quarter, compared to analyst estimates of $297.68 million. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. GTT Communications’s quarterly revenue was up 71.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.02 earnings per share. As a group, research analysts expect that GTT Communications Inc will post -1.36 EPS for the current year.

GTT has been the subject of several analyst reports. ValuEngine cut shares of GTT Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 22nd. William Blair reiterated a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. SunTrust Banks reiterated a “buy” rating and issued a $52.00 price objective on shares of GTT Communications in a research note on Friday, August 3rd. KeyCorp set a $57.00 price objective on shares of GTT Communications and gave the stock a “buy” rating in a research note on Tuesday, August 21st. Finally, Raymond James reiterated a “buy” rating and issued a $53.00 price objective on shares of GTT Communications in a research note on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $51.33.

Several large investors have recently modified their holdings of GTT. Crestview Partners III GP L.P. acquired a new position in shares of GTT Communications in the 2nd quarter valued at approximately $177,680,000. BlackRock Inc. raised its position in shares of GTT Communications by 15.8% in the 2nd quarter. BlackRock Inc. now owns 2,305,045 shares of the technology company’s stock valued at $103,726,000 after buying an additional 313,812 shares in the last quarter. Bislett Management LLC raised its position in shares of GTT Communications by 169.8% in the 2nd quarter. Bislett Management LLC now owns 269,826 shares of the technology company’s stock valued at $12,142,000 after buying an additional 169,826 shares in the last quarter. Ardsley Advisory Partners acquired a new position in shares of GTT Communications in the 2nd quarter valued at approximately $6,743,000. Finally, Wells Fargo & Company MN raised its position in shares of GTT Communications by 48.6% in the 2nd quarter. Wells Fargo & Company MN now owns 434,142 shares of the technology company’s stock valued at $19,536,000 after buying an additional 141,920 shares in the last quarter. Institutional investors own 75.88% 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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