Ameriprise Financial Inc. raised its position in shares of GTT Communications, Inc. (NYSE:GTT) by 37.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,503 shares of the technology company’s stock after buying an additional 11,228 shares during the period. Ameriprise Financial Inc. owned about 0.10% of GTT Communications worth $1,011,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the stock. Sei Investments Co. increased its stake in shares of GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock worth $135,000 after buying an additional 2,664 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of GTT Communications by 106.4% in the first quarter. Bank of New York Mellon Corp now owns 305,442 shares of the technology company’s stock worth $7,438,000 after buying an additional 157,440 shares in the last quarter. First Trust Advisors LP increased its stake in shares of GTT Communications by 7.2% in the first quarter. First Trust Advisors LP now owns 85,521 shares of the technology company’s stock worth $2,082,000 after buying an additional 5,731 shares in the last quarter. ING Groep NV acquired a new stake in shares of GTT Communications during the first quarter worth approximately $526,000. Finally, Emerald Advisers Inc. PA increased its stake in shares of GTT Communications by 0.4% in the first quarter. Emerald Advisers Inc. PA now owns 975,559 shares of the technology company’s stock worth $23,755,000 after buying an additional 4,010 shares in the last quarter. 56.50% of the stock is owned by institutional investors and hedge funds.
Shares of GTT Communications, Inc. (NYSE:GTT) opened at 30.40 on Tuesday. GTT Communications, Inc. has a 52-week low of $19.76 and a 52-week high of $34.20. The stock’s market cap is $1.25 billion. The firm’s 50-day moving average price is $31.59 and its 200-day moving average price is $28.31.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by $0.30. GTT Communications had a positive return on equity of 4.57% and a negative net margin of 2.15%. The company had revenue of $182.40 million during the quarter, compared to analyst estimates of $179.16 million. The firm’s revenue was up 46.6% compared to the same quarter last year. On average, equities research analysts forecast that GTT Communications, Inc. will post ($0.17) earnings per share for the current fiscal year.
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A number of brokerages have recently commented on GTT. Zacks Investment Research raised GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday. BidaskClub downgraded GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Cowen and Company boosted their price target on GTT Communications from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $35.29.
In other news, Director Howard E. Janzen sold 12,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $30.00, for a total value of $360,000.00. Following the transaction, the director now directly owns 252,692 shares of the company’s stock, valued at $7,580,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard Calder sold 10,000 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $30.96, for a total transaction of $309,600.00. Following the completion of the transaction, the insider now directly owns 1,153,478 shares in the company, valued at $35,711,678.88. The disclosure for this sale can be found here. Insiders sold 75,000 shares of company stock worth $2,301,590 over the last ninety days. 25.70% of the stock is currently owned by company insiders.
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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