GTT Communications Inc (NYSE:GTT) Major Shareholder Buys $9,597,000.00 in Stock

GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp bought 1,050,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average cost of $9.14 per share, with a total value of $9,597,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

NYSE:GTT traded down $0.56 during trading hours on Thursday, hitting $7.96. The stock had a trading volume of 1,150,107 shares, compared to its average volume of 593,924. The company has a debt-to-equity ratio of 9.77, a quick ratio of 0.60 and a current ratio of 0.60. GTT Communications Inc has a 1-year low of $4.90 and a 1-year high of $47.20. The firm has a 50 day simple moving average of $13.86. The company has a market capitalization of $457.09 million, a P/E ratio of -5.01 and a beta of 1.56.

GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.55). GTT Communications had a negative net margin of 7.66% and a negative return on equity of 12.53%. The firm had revenue of $433.80 million during the quarter, compared to analyst estimates of $447.66 million. During the same period last year, the business earned ($2.83) EPS. The firm’s revenue was up 32.7% compared to the same quarter last year. As a group, equities research analysts expect that GTT Communications Inc will post -1.19 earnings per share for the current fiscal year.



GTT has been the subject of a number of research analyst reports. Cowen dropped their target price on shares of GTT Communications from $37.00 to $21.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Craig Hallum downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. ValuEngine raised shares of GTT Communications from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. SunTrust Banks dropped their target price on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Raymond James downgraded shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 target price for the company. in a research report on Monday. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $29.31.

Large investors have recently modified their holdings of the business. Cheyne Capital Management UK LLP purchased a new position in shares of GTT Communications during the 1st quarter valued at approximately $2,763,000. Phoenician Capital LLC boosted its stake in shares of GTT Communications by 47.5% during the 1st quarter. Phoenician Capital LLC now owns 582,767 shares of the technology company’s stock valued at $20,222,000 after buying an additional 187,688 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of GTT Communications by 42.6% during the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock valued at $295,000 after buying an additional 5,000 shares during the last quarter. Boston Financial Mangement LLC boosted its stake in shares of GTT Communications by 51.2% during the 1st quarter. Boston Financial Mangement LLC now owns 177,249 shares of the technology company’s stock valued at $6,151,000 after buying an additional 60,014 shares during the last quarter. Finally, Williams Jones & Associates LLC boosted its stake in shares of GTT Communications by 7.4% during the 1st quarter. Williams Jones & Associates LLC now owns 657,810 shares of the technology company’s stock valued at $22,826,000 after buying an additional 45,101 shares during the last quarter. 86.62% of the stock is owned by institutional investors.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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Insider Buying and Selling by Quarter for GTT Communications (NYSE:GTT)

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