Russell Investments Group Ltd. Has $12.59 Million Position in GTT Communications, Inc. (NYSE:GTT)
Russell Investments Group Ltd. raised its stake in shares of GTT Communications, Inc. (NYSE:GTT) by 239.9% during the second quarter, Holdings Channel reports. The fund owned 397,751 shares of the technology company’s stock after buying an additional 280,744 shares during the period. Russell Investments Group Ltd.’s holdings in GTT Communications were worth $12,589,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can increased its position in GTT Communications by 27,059.6% in the second quarter. Bank of Montreal Can now owns 226,511 shares of the technology company’s stock valued at $7,169,000 after buying an additional 225,677 shares during the last quarter. Bank of New York Mellon Corp increased 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 valued at $7,438,000 after buying an additional 157,440 shares during the last quarter. Kennedy Capital Management Inc. increased its position in GTT Communications by 60.2% in the first quarter. Kennedy Capital Management Inc. now owns 412,699 shares of the technology company’s stock valued at $10,049,000 after buying an additional 155,130 shares during the last quarter. EAM Investors LLC acquired a new position in GTT Communications during the first quarter valued at about $3,018,000. Finally, State of Tennessee Treasury Department acquired a new position in GTT Communications during the first quarter valued at about $2,922,000. 57.56% of the stock is owned by hedge funds and other institutional investors.
GTT Communications, Inc. (NYSE:GTT) traded up 0.17% during midday trading on Friday, hitting $29.45. 270,502 shares of the stock traded hands. GTT Communications, Inc. has a 52 week low of $19.86 and a 52 week high of $34.20. The company’s market capitalization is $1.22 billion. The stock’s 50-day moving average price is $30.98 and its 200 day moving average price is $28.84.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, beating the Zacks’ 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 company had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications’s quarterly revenue was up 44.5% compared to the same quarter last year. On average, equities research analysts predict that GTT Communications, Inc. will post ($0.44) EPS for the current year.
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Several equities analysts have recently issued reports on GTT shares. Cowen and Company raised their price target on shares of GTT Communications from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, May 15th. BidaskClub cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. 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 investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.14.
In related news, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $32.85, for a total transaction of $229,950.00. Following the completion of the sale, the general counsel now directly owns 433,532 shares in the company, valued at approximately $14,241,526.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Richard Calder sold 10,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $32.86, for a total transaction of $328,600.00. Following the sale, the insider now owns 1,171,042 shares of the company’s stock, valued at $38,480,440.12. The disclosure for this sale can be found here. Insiders have sold a total of 69,000 shares of company stock valued at $2,166,110 over the last quarter. 25.70% of the stock is currently owned by company insiders.
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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