GTT Communications, Inc. (GTT) Stake Lessened by Emerald Mutual Fund Advisers Trust
Emerald Mutual Fund Advisers Trust lessened its stake in GTT Communications, Inc. (NYSE:GTT) by 7.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 807,429 shares of the technology company’s stock after selling 66,922 shares during the quarter. GTT Communications makes up approximately 1.1% of Emerald Mutual Fund Advisers Trust’s holdings, making the stock its 18th biggest holding. Emerald Mutual Fund Advisers Trust owned about 1.95% of GTT Communications worth $25,555,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of GTT. Ameriprise Financial Inc. raised its stake in shares of GTT Communications by 37.1% in the 1st quarter. Ameriprise Financial Inc. now owns 41,503 shares of the technology company’s stock valued at $1,011,000 after purchasing an additional 11,228 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in GTT Communications by 53.3% during the first quarter. Parametric Portfolio Associates LLC now owns 14,208 shares of the technology company’s stock worth $346,000 after acquiring an additional 4,938 shares during the period. American International Group Inc. raised its stake in GTT Communications by 7.1% during the first quarter. American International Group Inc. now owns 16,243 shares of the technology company’s stock worth $396,000 after acquiring an additional 1,076 shares during the period. Alliancebernstein L.P. raised its stake in GTT Communications by 3.1% during the first quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock worth $721,000 after acquiring an additional 900 shares during the period. Finally, FMR LLC acquired a new stake in GTT Communications during the first quarter worth about $1,230,000. Institutional investors and hedge funds own 59.56% of the company’s stock.
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GTT Communications (NYSE:GTT) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $186.20 million during the quarter, compared to the consensus estimate of $186.65 million. GTT Communications’s quarterly revenue was up 44.5% on a year-over-year basis.
In other news, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $31.34, for a total transaction of $313,400.00. Following the completion of the sale, the insider now owns 1,141,242 shares in the company, valued at approximately $35,766,524.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $31.99, for a total transaction of $223,930.00. Following the sale, the general counsel now owns 397,081 shares of the company’s stock, valued at approximately $12,702,621.19. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,000 shares of company stock valued at $1,076,680. Insiders own 25.70% of the company’s stock.
GTT has been the topic of several research reports. BidaskClub lowered shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Monday, July 17th. Finally, Cowen and Company set a $43.00 target price on shares of GTT Communications and gave the stock a “buy” rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $36.20.
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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