Osterweis Capital Management Inc. Reduces Holdings in GTT Communications, Inc. (GTT)
Osterweis Capital Management Inc. cut its holdings in GTT Communications, Inc. (NYSE:GTT) by 28.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 137,392 shares of the technology company’s stock after selling 54,075 shares during the quarter. Osterweis Capital Management Inc. owned about 0.33% of GTT Communications worth $4,348,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of GTT. First Trust Advisors LP raised its position in GTT Communications by 7.2% in the first quarter. First Trust Advisors LP now owns 85,521 shares of the technology company’s stock worth $2,082,000 after acquiring an additional 5,731 shares in the last quarter. Bank of New York Mellon Corp raised its position in GTT Communications by 106.4% in the first quarter. Bank of New York Mellon Corp now owns 305,442 shares of the technology company’s stock worth $7,438,000 after acquiring an additional 157,440 shares in the last quarter. Sei Investments Co. raised its position in GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock worth $135,000 after acquiring an additional 2,664 shares in the last quarter. Ameriprise Financial Inc. raised its position in GTT Communications by 37.1% in the first quarter. Ameriprise Financial Inc. now owns 41,503 shares of the technology company’s stock worth $1,011,000 after acquiring an additional 11,228 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in GTT Communications by 53.3% in the first quarter. Parametric Portfolio Associates LLC now owns 14,208 shares of the technology company’s stock worth $346,000 after acquiring an additional 4,938 shares in the last quarter. Hedge funds and other institutional investors own 58.94% of the company’s stock.
In other news, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $30.37, for a total transaction of $212,590.00. Following the transaction, the general counsel now 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard Calder sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $30.38, for a total value of $303,800.00. Following the transaction, the insider now directly owns 1,149,402 shares in the company, valued at approximately $34,918,832.76. The disclosure for this sale can be found here. Insiders have sold 57,000 shares of company stock worth $1,774,990 in the last ninety days. 25.70% of the stock is currently owned by insiders.
Several equities research analysts have commented on the stock. BidaskClub cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, Cowen and Company set a $43.00 price target on shares of GTT Communications and gave the stock a “buy” rating in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $36.20.
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Shares of GTT Communications, Inc. (NYSE:GTT) traded up 0.59% during midday trading on Friday, reaching $33.90. 270,772 shares of the company’s stock traded hands. The firm’s market capitalization is $1.40 billion. The stock’s 50 day moving average price is $30.98 and its 200 day moving average price is $29.80. GTT Communications, Inc. has a 52-week low of $20.80 and a 52-week high of $34.20.
GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.05. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The business had revenue of $186.20 million for the quarter, compared to analyst estimates of $186.65 million. The business’s revenue for the quarter was up 44.5% compared to the same quarter last year. On average, equities research analysts anticipate that GTT Communications, Inc. will post ($0.43) EPS for the current fiscal year.
GTT Communications Company 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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