ClariVest Asset Management LLC Grows Position in GTT Communications, Inc. (GTT)
ClariVest Asset Management LLC lifted its position in shares of GTT Communications, Inc. (NYSE:GTT) by 79.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,600 shares of the technology company’s stock after purchasing an additional 3,800 shares during the quarter. ClariVest Asset Management LLC’s holdings in GTT Communications were worth $272,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in shares of GTT Communications by 1.4% during the third quarter. Bank of New York Mellon Corp now owns 330,103 shares of the technology company’s stock valued at $10,448,000 after purchasing an additional 4,715 shares in the last quarter. Monarch Partners Asset Management LLC boosted its position in shares of GTT Communications by 160.6% during the third quarter. Monarch Partners Asset Management LLC now owns 179,355 shares of the technology company’s stock valued at $5,677,000 after purchasing an additional 110,525 shares in the last quarter. Boston Financial Mangement LLC bought a new stake in shares of GTT Communications during the third quarter valued at approximately $2,169,000. First Trust Advisors LP boosted its position in shares of GTT Communications by 74.9% during the third quarter. First Trust Advisors LP now owns 76,774 shares of the technology company’s stock valued at $2,430,000 after purchasing an additional 32,869 shares in the last quarter. Finally, CAPROCK Group Inc. bought a new stake in shares of GTT Communications during the third quarter valued at approximately $305,000. Institutional investors own 61.32% of the company’s stock.
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In other GTT Communications news, insider Mcmullen Family Trust purchased 60,000 shares of the stock in a transaction dated Tuesday, November 21st. The shares were purchased at an average cost of $0.65 per share, with a total value of $39,000.00. Also, insider Richard Calder sold 10,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $31.34, for a total value of $313,400.00. Following the transaction, the insider now directly owns 1,141,242 shares in the company, valued at $35,766,524.28. The disclosure for this sale can be found here. Over the last three months, insiders acquired 94,100 shares of company stock worth $89,319 and sold 207,900 shares worth $2,018,536. Insiders own 25.70% of the company’s stock.
Several equities research analysts recently weighed in on GTT shares. BidaskClub lowered GTT Communications from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Zacks Investment Research downgraded GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Finally, Cowen and Company set a $43.00 target price on GTT Communications and gave the stock a “buy” rating in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $36.20.
Shares of GTT Communications, Inc. (NYSE GTT) opened at $40.30 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08. GTT Communications, Inc. has a 1-year low of $22.95 and a 1-year high of $40.95. The company has a market capitalization of $1,750.00, a price-to-earnings ratio of 452.22 and a beta of 1.33.
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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