BlackRock Inc. lessened its position in GTT Communications Inc (NYSE:GTT) by 14.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,289,118 shares of the technology company’s stock after selling 374,184 shares during the period. BlackRock Inc.’s holdings in GTT Communications were worth $40,288,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Athena Capital Advisors LLC acquired a new stake in shares of GTT Communications in the 2nd quarter worth $189,000. First Business Financial Services Inc. acquired a new stake in shares of GTT Communications in the 2nd quarter worth $222,000. Bessemer Group Inc. lifted its stake in shares of GTT Communications by 42.6% in the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock worth $295,000 after acquiring an additional 5,000 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of GTT Communications by 111.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,405 shares of the technology company’s stock worth $358,000 after acquiring an additional 9,686 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of GTT Communications by 28.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,679 shares of the technology company’s stock worth $382,000 after acquiring an additional 4,752 shares during the period. Institutional investors own 84.13% of the company’s stock.
Shares of NYSE GTT opened at $6.88 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 9.85. GTT Communications Inc has a 52 week low of $4.90 and a 52 week high of $43.35. The firm has a 50-day moving average price of $8.90 and a 200 day moving average price of $20.70. The stock has a market capitalization of $399.02 million, a price-to-earnings ratio of -4.33 and a beta of 1.56.
In related news, Director Howard E. Janzen acquired 2,850 shares of GTT Communications stock in a transaction that occurred on Wednesday, August 28th. The stock was purchased at an average price of $8.81 per share, for a total transaction of $25,108.50. Following the completion of the purchase, the director now directly owns 261,942 shares of the company’s stock, valued at $2,307,709.02. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Richard Calder sold 5,006 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $11.29, for a total transaction of $56,517.74. Following the completion of the sale, the insider now owns 1,327,850 shares of the company’s stock, valued at approximately $14,991,426.50. The disclosure for this sale can be found here. In the last quarter, insiders purchased 1,615,690 shares of company stock valued at $14,274,682 and sold 17,115 shares valued at $175,397. 40.84% of the stock is owned by company insiders.
Several analysts have recently commented on the stock. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday. ValuEngine upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. SunTrust Banks reduced 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 note on Friday, August 9th. Raymond James cut 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 note on Monday, August 12th. Finally, Craig Hallum cut shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.31.
GTT Communications 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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