Osterweis Capital Management Inc. Acquires 87,210 Shares of GTT Communications Inc (GTT)
Osterweis Capital Management Inc. lifted its holdings in GTT Communications Inc (NYSE:GTT) by 69.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 212,857 shares of the technology company’s stock after purchasing an additional 87,210 shares during the quarter. Osterweis Capital Management Inc. owned 0.39% of GTT Communications worth $9,238,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Boston Financial Mangement LLC grew its holdings in shares of GTT Communications by 9.9% in the second quarter. Boston Financial Mangement LLC now owns 163,604 shares of the technology company’s stock valued at $7,362,000 after purchasing an additional 14,678 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of GTT Communications by 11.4% in the second quarter. First Trust Advisors LP now owns 68,559 shares of the technology company’s stock valued at $3,085,000 after purchasing an additional 7,031 shares in the last quarter. Northern Trust Corp grew its holdings in shares of GTT Communications by 11.2% in the second quarter. Northern Trust Corp now owns 446,447 shares of the technology company’s stock valued at $20,090,000 after purchasing an additional 45,132 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of GTT Communications by 64.6% in the second quarter. Bank of America Corp DE now owns 321,093 shares of the technology company’s stock valued at $14,449,000 after purchasing an additional 125,973 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings 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 valued at $133,000 after purchasing an additional 1,751 shares in the last quarter. 85.46% of the stock is owned by hedge funds and other institutional investors.
In other GTT Communications news, Director H Brian Thompson bought 900 shares of the firm’s stock in a transaction dated Tuesday, November 13th. The stock was acquired at an average cost of $32.70 per share, for a total transaction of $29,430.00. Following the completion of the transaction, the director now owns 601,403 shares in the company, valued at $19,665,878.10. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $45.00, for a total value of $315,000.00. Following the sale, the general counsel now owns 399,854 shares of the company’s stock, valued at $17,993,430. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 3,443,731 shares of company stock valued at $133,601,041. Corporate insiders own 23.01% of the company’s stock.
Shares of GTT opened at $31.67 on Wednesday. The firm has a market capitalization of $1.84 billion, a P/E ratio of 131.96 and a beta of 1.13. GTT Communications Inc has a 52-week low of $30.24 and a 52-week high of $62.32. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 6.62.
GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.18. The company had revenue of $448.60 million during the quarter, compared to the consensus estimate of $456.19 million. GTT Communications had a negative return on equity of 13.27% and a negative net margin of 18.67%. GTT Communications’s revenue was up 121.4% on a year-over-year basis. During the same period last year, the company earned ($0.23) earnings per share. On average, sell-side analysts anticipate that GTT Communications Inc will post -1.12 earnings per share for the current fiscal year.
About GTT Communications
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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