AlphaOne Investment Services LLC Has $4.137 Million Position in GTT Communications Inc (GTT)
AlphaOne Investment Services LLC reduced its position in shares of GTT Communications Inc (NYSE:GTT) by 14.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,930 shares of the technology company’s stock after selling 28,660 shares during the period. GTT Communications makes up approximately 1.0% of AlphaOne Investment Services LLC’s portfolio, making the stock its 22nd largest position. AlphaOne Investment Services LLC owned 0.41% of GTT Communications worth $4,137,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of GTT Communications by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,590,122 shares of the technology company’s stock worth $45,716,000 after buying an additional 10,559 shares in the last quarter. Putnam Investments LLC raised its stake in shares of GTT Communications by 2.2% in the fourth quarter. Putnam Investments LLC now owns 261,138 shares of the technology company’s stock worth $7,508,000 after buying an additional 5,500 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of GTT Communications during the fourth quarter worth about $3,687,000. State Street Corp raised its stake in shares of GTT Communications by 10.7% in the fourth quarter. State Street Corp now owns 446,332 shares of the technology company’s stock worth $12,833,000 after buying an additional 42,989 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of GTT Communications during the fourth quarter worth about $1,417,000. 56.98% of the stock is owned by hedge funds and other institutional investors.
Shares of GTT Communications Inc (NYSE:GTT) traded down 0.69% during midday trading on Tuesday, hitting $28.85. 86,278 shares of the company were exchanged. GTT Communications Inc has a 52-week low of $16.20 and a 52-week high of $30.50. The company has a 50-day moving average price of $27.54 and a 200-day moving average price of $26.82. The stock’s market capitalization is $1.19 billion.
GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by $0.30. The company had revenue of $182.40 million for the quarter, compared to analysts’ expectations of $179.16 million. GTT Communications had a return on equity of 1.77% and a net margin of 6.74%. The company’s revenue was up 46.6% on a year-over-year basis. On average, analysts forecast that GTT Communications Inc will post ($0.14) EPS for the current year.
A number of equities research analysts recently issued reports on GTT shares. Zacks Investment Research raised shares of GTT Communications from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Tuesday, February 7th. BTIG Research started coverage on shares of GTT Communications in a report on Thursday, February 9th. They issued a “buy” rating and a $36.00 price objective for the company. Jefferies Group LLC reissued a “buy” rating and issued a $36.00 price objective (up previously from $30.00) on shares of GTT Communications in a report on Saturday, March 11th. Finally, Cowen and Company reissued an “outperform” rating and issued a $36.00 price objective (down previously from $37.00) on shares of GTT Communications in a report on Saturday, March 11th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $34.29.
In related news, Director Howard E. Janzen sold 12,000 shares of GTT Communications stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $30.00, for a total transaction of $360,000.00. Following the completion of the sale, the director now owns 252,692 shares in the company, valued at approximately $7,580,760. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $27.87, for a total value of $278,700.00. Following the sale, the insider now owns 1,190,753 shares of the company’s stock, valued at approximately $33,186,286.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock valued at $1,237,130. 29.86% of the stock is currently owned by company insiders.
About GTT Communications
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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