Richard Calder Sells 2,206 Shares of GTT Communications Inc (GTT) Stock

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GTT Communications Inc (NYSE:GTT) insider Richard Calder sold 2,206 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $40.05, for a total transaction of $88,350.30. Following the completion of the sale, the insider now directly owns 1,220,702 shares of the company’s stock, valued at approximately $48,889,115.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Richard Calder also recently made the following trade(s):

  • On Monday, July 16th, Richard Calder sold 6,000 shares of GTT Communications stock. The shares were sold at an average price of $46.11, for a total transaction of $276,660.00.
  • On Friday, June 15th, Richard Calder sold 6,000 shares of GTT Communications stock. The shares were sold at an average price of $50.32, for a total transaction of $301,920.00.

GTT stock traded down $1.05 during mid-day trading on Friday, hitting $38.95. 746,595 shares of the company were exchanged, compared to its average volume of 448,650. The company has a debt-to-equity ratio of 6.29, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $1.79 billion, a PE ratio of 162.29 and a beta of 0.99. GTT Communications Inc has a 12-month low of $28.30 and a 12-month high of $62.32.

GTT Communications (NYSE:GTT) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $297.68 million. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The company’s quarterly revenue was up 71.9% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS. sell-side analysts anticipate that GTT Communications Inc will post -1.35 EPS for the current fiscal year.

GTT has been the subject of a number of analyst reports. SunTrust Banks reissued a “buy” rating and issued a $52.00 price objective on shares of GTT Communications in a report on Friday, August 3rd. Raymond James initiated coverage on shares of GTT Communications in a report on Monday, April 30th. They issued an “outperform” rating and a $60.00 price objective for the company. KeyCorp raised shares of GTT Communications from a “sector weight” rating to an “overweight” rating and set a $57.00 price objective for the company in a report on Friday, May 4th. Zacks Investment Research lowered shares of GTT Communications from a “hold” rating to a “strong sell” rating in a report on Thursday, July 12th. Finally, ValuEngine raised shares of GTT Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $52.11.

A number of hedge funds have recently made changes to their positions in GTT. Crestview Partners III GP L.P. purchased a new position in GTT Communications during the second quarter worth about $177,680,000. Eventide Asset Management LLC boosted its stake in GTT Communications by 943.9% during the first quarter. Eventide Asset Management LLC now owns 441,000 shares of the technology company’s stock worth $25,005,000 after buying an additional 398,754 shares during the period. BlackRock Inc. boosted its stake in GTT Communications by 15.8% during the second quarter. BlackRock Inc. now owns 2,305,045 shares of the technology company’s stock worth $103,726,000 after buying an additional 313,812 shares during the period. Zweig DiMenna Associates LLC purchased a new position in GTT Communications during the first quarter worth about $17,279,000. Finally, Wells Fargo & Company MN boosted its stake in GTT Communications by 255.2% during the first quarter. Wells Fargo & Company MN now owns 292,222 shares of the technology company’s stock worth $16,570,000 after buying an additional 209,961 shares during the period. 65.04% of the stock is owned by institutional investors.

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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