GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp bought 375,000 shares of the firm’s stock in a transaction on Monday, November 12th. The shares were purchased at an average cost of $35.58 per share, with a total value of $13,342,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Spruce House Partnership Lp also recently made the following trade(s):

  • On Thursday, November 8th, Spruce House Partnership Lp bought 355,000 shares of GTT Communications stock. The shares were purchased at an average cost of $35.77 per share, with a total value of $12,698,350.00.
  • On Wednesday, October 24th, Spruce House Partnership Lp purchased 327,000 shares of GTT Communications stock. The stock was bought at an average cost of $33.13 per share, with a total value of $10,833,510.00.
  • On Friday, October 26th, Spruce House Partnership Lp purchased 524,100 shares of GTT Communications stock. The stock was bought at an average cost of $33.55 per share, with a total value of $17,583,555.00.
  • On Tuesday, October 2nd, Spruce House Partnership Lp purchased 105,000 shares of GTT Communications stock. The stock was bought at an average cost of $44.10 per share, with a total value of $4,630,500.00.
  • On Thursday, October 4th, Spruce House Partnership Lp purchased 387,933 shares of GTT Communications stock. The stock was bought at an average cost of $44.11 per share, with a total value of $17,111,724.63.
  • On Wednesday, September 12th, Spruce House Partnership Lp purchased 103,000 shares of GTT Communications stock. The stock was bought at an average cost of $42.80 per share, with a total value of $4,408,400.00.
  • On Friday, September 14th, Spruce House Partnership Lp purchased 328,000 shares of GTT Communications stock. The stock was bought at an average cost of $43.10 per share, with a total value of $14,136,800.00.
  • On Thursday, September 6th, Spruce House Partnership Lp purchased 234,067 shares of GTT Communications stock. The stock was bought at an average cost of $40.01 per share, with a total value of $9,365,020.67.
  • On Monday, September 10th, Spruce House Partnership Lp purchased 702,531 shares of GTT Communications stock. The stock was bought at an average cost of $41.88 per share, with a total value of $29,421,998.28.
  • On Wednesday, August 15th, Spruce House Partnership Lp purchased 178,846 shares of GTT Communications stock. The stock was bought at an average cost of $36.44 per share, with a total value of $6,517,148.24.

NYSE:GTT traded up $1.04 during mid-day trading on Tuesday, hitting $32.07. 42,738 shares of the company’s stock traded hands, compared to its average volume of 743,536. GTT Communications Inc has a twelve month low of $30.69 and a twelve month high of $62.32. The firm has a market capitalization of $1.89 billion, a P/E ratio of 134.17 and a beta of 1.14. The company has a debt-to-equity ratio of 6.62, a current ratio of 0.68 and a quick ratio of 0.68.

GTT Communications (NYSE:GTT) last announced its earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.61) by $0.18. GTT Communications had a negative return on equity of 13.27% and a negative net margin of 18.67%. The company had revenue of $448.60 million for the quarter, compared to analyst estimates of $456.19 million. During the same period in the prior year, the company posted ($0.23) EPS. The firm’s quarterly revenue was up 121.4% compared to the same quarter last year. On average, analysts expect that GTT Communications Inc will post -1.43 EPS for the current year.

A number of large investors have recently made changes to their positions in GTT. Primecap Management Co. CA raised its holdings in shares of GTT Communications by 44.3% during the third quarter. Primecap Management Co. CA now owns 57,700 shares of the technology company’s stock valued at $2,504,000 after acquiring an additional 17,700 shares during the last quarter. United Services Automobile Association raised its holdings in shares of GTT Communications by 27.8% during the third quarter. United Services Automobile Association now owns 88,910 shares of the technology company’s stock valued at $3,859,000 after acquiring an additional 19,350 shares during the last quarter. Elk Creek Partners LLC raised its holdings in shares of GTT Communications by 20.0% during the third quarter. Elk Creek Partners LLC now owns 281,588 shares of the technology company’s stock valued at $12,221,000 after acquiring an additional 46,856 shares during the last quarter. American International Group Inc. raised its holdings in shares of GTT Communications by 23.8% during the third quarter. American International Group Inc. now owns 28,157 shares of the technology company’s stock valued at $1,222,000 after acquiring an additional 5,404 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of GTT Communications by 4,247.5% during the third quarter. Massmutual Trust Co. FSB ADV now owns 12,347 shares of the technology company’s stock valued at $536,000 after acquiring an additional 12,063 shares during the last quarter. 75.21% of the stock is currently owned by institutional investors.

Several research analysts have recently commented on the company. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 25th. William Blair reissued a “buy” rating on shares of GTT Communications in a research report on Monday, August 6th. SunTrust Banks reissued a “buy” rating and issued a $52.00 price target on shares of GTT Communications in a research report on Friday, August 3rd. ValuEngine raised GTT Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 17th. Finally, BWS Financial started coverage on GTT Communications in a research report on Monday, August 6th. They set a “sell” rating and a $5.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $49.80.

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GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.

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