Shares of GTT Communications Inc (NYSE:GTT) fell 6.5% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $43.15 and last traded at $43.35. 648,900 shares traded hands during trading, an increase of 38% from the average session volume of 471,680 shares. The stock had previously closed at $46.35.

Specifically, Director Theodore B. Smith III purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were purchased at an average cost of $39.94 per share, for a total transaction of $39,940.00. Following the completion of the transaction, the director now directly owns 419,278 shares in the company, valued at approximately $16,745,963.32. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Mckee sold 7,000 shares of the company’s stock in a transaction dated Monday, July 16th. The shares were sold at an average price of $46.10, for a total value of $322,700.00. Following the sale, the executive vice president now owns 422,428 shares in the company, valued at $19,473,930.80. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,994,359 shares of company stock worth $78,968,350 and have sold 24,417 shares worth $1,091,261. Corporate insiders own 23.01% of the company’s stock.

Several brokerages have recently weighed in on GTT. SunTrust Banks reiterated a “buy” rating and set a $52.00 price target on shares of GTT Communications in a research report on Friday, August 3rd. KeyCorp set a $57.00 price target on GTT Communications and gave the company a “buy” rating in a research report on Tuesday, August 21st. Zacks Investment Research cut GTT Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 8th. William Blair reiterated a “buy” rating on shares of GTT Communications in a research report on Monday, August 6th. Finally, Raymond James reiterated a “buy” rating and set a $53.00 price target on shares of GTT Communications in a research report on Monday, August 20th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $51.33.

The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 6.29. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 186.88 and a beta of 0.91.

GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Friday, August 3rd. The technology company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.25). The company had revenue of $326.80 million during the quarter, compared to the consensus estimate of $297.68 million. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The firm’s revenue for the quarter was up 71.9% on a year-over-year basis. During the same quarter last year, the company posted $0.02 earnings per share. equities analysts forecast that GTT Communications Inc will post -1.35 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of GTT Communications in the first quarter worth approximately $123,000. PNC Financial Services Group Inc. increased its position in shares of GTT Communications by 148.8% in the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after purchasing an additional 1,751 shares during the last quarter. FCG Advisors LLC bought a new position in shares of GTT Communications in the first quarter worth approximately $220,000. Amalgamated Bank bought a new position in shares of GTT Communications in the first quarter worth approximately $235,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of GTT Communications in the second quarter worth approximately $213,000. Institutional investors own 75.97% of the company’s stock.

About GTT Communications (NYSE:GTT)

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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