Royal Bank of Canada Buys 24,273 Shares of GTT Communications, Inc. (GTT)
Royal Bank of Canada raised its stake in shares of GTT Communications, Inc. (NYSE:GTT) by 2.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 859,355 shares of the technology company’s stock after buying an additional 24,273 shares during the quarter. Royal Bank of Canada owned about 2.08% of GTT Communications worth $27,198,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. Precept Management LLC purchased a new position in GTT Communications during the second quarter valued at $601,000. Bamco Inc. NY purchased a new position in shares of GTT Communications in the second quarter worth $42,727,000. Voya Investment Management LLC raised its stake in shares of GTT Communications by 18.9% in the second quarter. Voya Investment Management LLC now owns 13,789 shares of the technology company’s stock worth $436,000 after purchasing an additional 2,193 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of GTT Communications by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,632,321 shares of the technology company’s stock worth $51,664,000 after purchasing an additional 26,129 shares during the last quarter. Finally, Cove Street Capital LLC purchased a new position in shares of GTT Communications in the second quarter worth $8,507,000. Institutional investors and hedge funds own 58.94% of the company’s stock.
Shares of GTT Communications, Inc. (NYSE GTT) opened at 33.70 on Monday. GTT Communications, Inc. has a 52-week low of $20.80 and a 52-week high of $34.20. The company’s 50-day moving average price is $30.98 and its 200-day moving average price is $29.80. The stock’s market cap is $1.39 billion.
GTT Communications (NYSE:GTT) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.05. The company had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The business’s revenue for the quarter was up 44.5% compared to the same quarter last year. On average, equities research analysts forecast that GTT Communications, Inc. will post ($0.43) earnings per share for the current fiscal year.
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Several research firms have recently weighed in on GTT. Zacks Investment Research cut GTT Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Cowen and Company set a $43.00 price target on GTT Communications and gave the stock a “buy” rating in a research note on Friday, August 4th. Finally, BidaskClub cut GTT Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. GTT Communications has an average rating of “Hold” and a consensus price target of $36.20.
In related news, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was 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 in the company, valued at approximately $7,298,872.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the transaction, the insider now owns 1,121,006 shares of the company’s stock, valued at approximately $35,860,981.94. The disclosure for this sale can be found here. Insiders sold a total of 57,000 shares of company stock valued at $1,774,990 in the last 90 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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