GTT Communications, Inc. (GTT) Position Reduced by Russell Investments Group Ltd.
Russell Investments Group Ltd. decreased its stake in GTT Communications, Inc. (NYSE:GTT) by 31.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 273,099 shares of the technology company’s stock after selling 124,652 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.63% of GTT Communications worth $8,644,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. D.A. Davidson & CO. boosted its stake in GTT Communications by 4.6% in the second quarter. D.A. Davidson & CO. now owns 20,224 shares of the technology company’s stock worth $640,000 after purchasing an additional 890 shares in the last quarter. Teachers Advisors LLC boosted its stake in GTT Communications by 2.1% in the first quarter. Teachers Advisors LLC now owns 43,757 shares of the technology company’s stock worth $1,065,000 after purchasing an additional 906 shares in the last quarter. Legal & General Group Plc boosted its stake in GTT Communications by 14.1% in the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after purchasing an additional 907 shares in the last quarter. Bradley Foster & Sargent Inc. CT boosted its stake in GTT Communications by 8.0% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 27,150 shares of the technology company’s stock worth $859,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in 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 in the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.
Separately, Zacks Investment Research lowered GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. GTT Communications presently has a consensus rating of “Buy” and an average price target of $36.20.
In related news, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.99, for a total value of $223,930.00. Following the completion of the sale, the general counsel now owns 397,081 shares in the company, valued at $12,702,621.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mcmullen Family Trust acquired 13,100 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was bought at an average price of $1.99 per share, with a total value of $26,069.00. In the last ninety days, insiders have bought 94,100 shares of company stock worth $89,319 and have sold 163,900 shares worth $2,101,966. Corporate insiders own 25.70% of the company’s stock.
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GTT Communications 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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