Pembroke Management LTD Reduces Holdings in GTT Communications, Inc. (GTT)
Pembroke Management LTD cut its position in shares of GTT Communications, Inc. (NYSE:GTT) by 13.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 861,576 shares of the technology company’s stock after selling 131,300 shares during the quarter. GTT Communications comprises 2.7% of Pembroke Management LTD’s portfolio, making the stock its 8th biggest position. Pembroke Management LTD owned about 1.98% of GTT Communications worth $27,269,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in GTT. Bamco Inc. NY acquired a new stake in GTT Communications during the second quarter worth about $42,727,000. Russell Investments Group Ltd. increased its stake in GTT Communications by 239.9% during the second quarter. Russell Investments Group Ltd. now owns 397,751 shares of the technology company’s stock worth $12,589,000 after acquiring an additional 280,744 shares during the last quarter. Cove Street Capital LLC acquired a new stake in GTT Communications during the second quarter worth about $8,507,000. Bank of Montreal Can increased its stake in GTT Communications by 27,059.6% during the second quarter. Bank of Montreal Can now owns 226,511 shares of the technology company’s stock worth $7,169,000 after acquiring an additional 225,677 shares during the last quarter. Finally, Emerald Advisers Inc. PA increased its stake in GTT Communications by 19.9% during the second quarter. Emerald Advisers Inc. PA now owns 1,169,966 shares of the technology company’s stock worth $37,029,000 after acquiring an additional 194,407 shares during the last quarter. Institutional investors own 61.32% of the company’s stock.
Shares of GTT Communications, Inc. (GTT) traded up $0.70 on Wednesday, reaching $40.70. The company had a trading volume of 534,000 shares, compared to its average volume of 270,534. The stock has a market capitalization of $1,738.20, a P/E ratio of 444.44 and a beta of 1.49. GTT Communications, Inc. has a 1 year low of $22.95 and a 1 year high of $40.90. The company has a debt-to-equity ratio of 4.08, a current ratio of 0.91 and a quick ratio of 0.91.
Several equities research analysts have recently weighed in on the company. Cowen and Company set a $43.00 target price on GTT Communications and gave the stock a “buy” rating in a research report on Friday, August 4th. BidaskClub downgraded GTT Communications from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Finally, Zacks Investment Research downgraded GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. GTT Communications has an average rating of “Buy” and a consensus price target of $36.20.
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In related news, insider Mcmullen Family Trust sold 15,000 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $2.20, for a total value of $33,000.00. Also, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $36.34, for a total value of $254,380.00. Following the completion of the transaction, the general counsel now directly owns 391,517 shares of the company’s stock, valued at approximately $14,227,727.78. The disclosure for this sale can be found here. In the last three months, insiders purchased 34,100 shares of company stock valued at $50,319 and sold 207,900 shares valued at $2,018,536. Corporate insiders own 25.70% of the company’s stock.
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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