GTT Communications, Inc. (GTT) Shares Bought by Williams Jones & Associates LLC
Williams Jones & Associates LLC boosted its position in shares of GTT Communications, Inc. (NYSE:GTT) by 17.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 675,400 shares of the technology company’s stock after buying an additional 102,070 shares during the period. Williams Jones & Associates LLC owned approximately 1.63% of GTT Communications worth $21,376,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Bamco Inc. NY purchased a new position in GTT Communications during the 2nd quarter valued at approximately $42,727,000. Russell Investments Group Ltd. raised its holdings in shares of GTT Communications by 239.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 397,751 shares of the technology company’s stock worth $12,589,000 after acquiring an additional 280,744 shares in the last quarter. Cove Street Capital LLC purchased a new stake in shares of GTT Communications during the 2nd quarter worth approximately $8,507,000. Bank of Montreal Can raised its holdings in shares of GTT Communications by 27,059.6% during the 2nd quarter. Bank of Montreal Can now owns 226,511 shares of the technology company’s stock worth $7,169,000 after acquiring an additional 225,677 shares in the last quarter. Finally, Emerald Advisers Inc. PA raised its holdings in shares of GTT Communications by 19.9% during the 2nd quarter. Emerald Advisers Inc. PA now owns 1,169,966 shares of the technology company’s stock worth $37,029,000 after acquiring an additional 194,407 shares in the last quarter. 58.94% of the stock is owned by institutional investors.
GTT has been the topic of several research reports. BidaskClub cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Cowen and Company boosted their target price on shares of GTT Communications from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, June 28th. Finally, Zacks Investment Research cut shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $36.20.
GTT Communications, Inc. (NYSE:GTT) traded up 1.11% during trading on Monday, hitting $32.00. 91,815 shares of the company were exchanged. The company’s market capitalization is $1.32 billion. GTT Communications, Inc. has a 12 month low of $20.80 and a 12 month high of $34.20. The stock’s 50-day moving average is $30.21 and its 200-day moving average is $29.17.
GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The firm had revenue of $186.20 million during the quarter, compared to analysts’ expectations of $186.65 million. The firm’s revenue was up 44.5% on a year-over-year basis. Equities research analysts anticipate that GTT Communications, Inc. will post ($0.43) earnings per share for the current year.
In other news, Director Howard E. Janzen sold 6,000 shares of the 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 completion of the transaction, the director now directly owns 240,728 shares in the company, valued at approximately $7,298,872.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $31.35, for a total value of $219,450.00. Following the sale, the general counsel now directly owns 410,801 shares of the company’s stock, valued at $12,878,611.35. The disclosure for this sale can be found here. Insiders sold a total of 40,000 shares of company stock worth $1,231,160 over the last quarter. 25.70% of the stock is currently owned by company insiders.
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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