Airain ltd Takes Position in GTT Communications, Inc. (GTT)
Airain ltd purchased a new position in GTT Communications, Inc. (NYSE:GTT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,811 shares of the technology company’s stock, valued at approximately $216,000.
Other institutional investors also recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its holdings in shares of GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after acquiring an additional 3,295 shares during the period. Invictus RG bought a new position in shares of GTT Communications in the first quarter worth $117,000. Nordea Investment Management AB bought a new position in shares of GTT Communications in the first quarter worth $117,000. ClariVest Asset Management LLC bought a new position in shares of GTT Communications in the first quarter worth $117,000. Finally, Fifth Third Bancorp boosted its holdings in shares of GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock worth $123,000 after acquiring an additional 536 shares during the period. 59.77% of the stock is owned by hedge funds and other institutional investors.
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In related news, Director Howard E. Janzen sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $30.32, for a total value of $181,920.00. Following the completion of the transaction, the director now owns 240,728 shares of the company’s stock, valued at approximately $7,298,872.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $30.97, for a total transaction of $216,790.00. Following the completion of the transaction, the general counsel now directly owns 425,101 shares of the company’s stock, valued at approximately $13,165,377.97. The disclosure for this sale can be found here. Insiders sold a total of 63,000 shares of company stock valued at $1,943,370 in the last ninety days. 25.70% of the stock is currently owned by insiders.
Shares of GTT Communications, Inc. (NYSE:GTT) opened at 29.65 on Monday. The stock’s market cap is $1.23 billion. GTT Communications, Inc. has a 12 month low of $20.80 and a 12 month high of $34.20. The company has a 50 day moving average price of $30.20 and a 200-day moving average price of $29.03.
GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The firm had revenue of $186.20 million during the quarter, compared to the consensus estimate of $186.65 million. The business’s revenue was up 44.5% on a year-over-year basis. On average, equities research analysts predict that GTT Communications, Inc. will post ($0.42) earnings per share for the current year.
A number of equities analysts have recently commented on the company. Cowen and Company set a $43.00 price target on GTT Communications and gave the stock a “buy” rating in a report on Friday, August 4th. BidaskClub lowered GTT Communications from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Finally, Zacks Investment Research lowered GTT Communications from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. GTT Communications has a consensus rating of “Buy” and a consensus target price of $35.14.
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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