Laurion Capital Management LP bought a new position in GTT Communications, Inc. (NYSE:GTT) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,405 shares of the technology company’s stock, valued at approximately $266,000.

Several other institutional investors have also recently added to or reduced their stakes in GTT. BNP Paribas Arbitrage SA increased its position in shares of GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after acquiring an additional 3,295 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in shares of GTT Communications in the 1st quarter valued at approximately $117,000. Nordea Investment Management AB purchased a new stake in shares of GTT Communications in the 1st quarter valued at approximately $117,000. Invictus RG purchased a new stake in shares of GTT Communications in the 1st quarter valued at approximately $117,000. Finally, Fifth Third Bancorp lifted its position in shares of GTT Communications by 11.9% in the 1st quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock valued at $123,000 after acquiring an additional 536 shares in the last quarter. 58.94% of the stock is currently owned by institutional investors and hedge funds.

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A number of research firms recently commented on GTT. BidaskClub raised shares of GTT Communications from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Cowen and Company lifted their price objective on shares of GTT Communications from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research raised shares of GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. GTT Communications presently has an average rating of “Hold” and an average price target of $36.20.

In other news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $30.37, for a total transaction of $212,590.00. Following the transaction, the general counsel now directly owns 418,457 shares of the company’s stock, valued at $12,708,539.09. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Howard E. Janzen sold 6,000 shares of GTT Communications stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $30.32, for a total transaction of $181,920.00. Following the transaction, the director now directly owns 240,728 shares in the company, valued at $7,298,872.96. The disclosure for this sale can be found here. Insiders sold 40,000 shares of company stock valued at $1,231,160 in the last ninety days. Insiders own 25.70% of the company’s stock.

Shares of GTT Communications, Inc. (NYSE:GTT) opened at 32.45 on Tuesday. GTT Communications, Inc. has a 52 week low of $20.80 and a 52 week high of $34.20. The stock’s market capitalization is $1.34 billion. The company has a 50-day moving average price of $30.53 and a 200 day moving average price of $29.62.

GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.05. The business had revenue of $186.20 million for the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The business’s revenue was up 44.5% compared to the same quarter last year. Analysts forecast that GTT Communications, Inc. will post ($0.43) earnings per share for the current fiscal year.

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

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