Schwab Charles Investment Management Inc. grew its stake in GTT Communications Inc (NYSE:GTT) by 24.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 145,100 shares of the technology company’s stock after acquiring an additional 28,233 shares during the period. Schwab Charles Investment Management Inc.’s holdings in GTT Communications were worth $4,593,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in GTT. Bamco Inc. NY purchased a new stake in shares of GTT Communications in the 2nd quarter valued at approximately $42,727,000. Cove Street Capital LLC purchased a new stake in shares of GTT Communications in the 2nd quarter valued at approximately $8,507,000. Castleark Management LLC raised its stake in shares of GTT Communications by 40.1% in the 2nd quarter. Castleark Management LLC now owns 472,769 shares of the technology company’s stock valued at $14,963,000 after acquiring an additional 135,407 shares during the period. Vanguard Group Inc. raised its stake in shares of GTT Communications by 11.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock valued at $38,876,000 after acquiring an additional 126,032 shares during the period. Finally, Monarch Partners Asset Management LLC raised its stake in shares of GTT Communications by 160.6% in the 3rd quarter. Monarch Partners Asset Management LLC now owns 179,355 shares of the technology company’s stock valued at $5,677,000 after acquiring an additional 110,525 shares during the period. 65.41% of the stock is currently owned by institutional investors and hedge funds.

In related news, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $36.34, for a total transaction of $254,380.00. Following the sale, the general counsel now directly owns 391,517 shares of the company’s stock, valued at approximately $14,227,727.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director S Joseph Bruno sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $40.50, for a total transaction of $40,500.00. Following the sale, the director now directly owns 108,467 shares in the company, valued at $4,392,913.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 81,000 shares of company stock worth $63,250 and have sold 50,000 shares worth $1,341,960. 25.70% of the stock is owned by corporate insiders.

A number of equities research analysts have recently issued reports on GTT shares. Zacks Investment Research raised shares of GTT Communications from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Oppenheimer boosted their price target on shares of GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. GTT Communications currently has a consensus rating of “Buy” and an average price target of $40.20.

Shares of GTT Communications Inc (GTT) opened at $42.20 on Thursday. GTT Communications Inc has a 52 week low of $22.95 and a 52 week high of $47.75. The stock has a market cap of $1,830.00, a P/E ratio of -75.36, a PEG ratio of 19.54 and a beta of 1.32. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08.

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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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Institutional Ownership by Quarter for GTT Communications (NYSE:GTT)

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