Wells Fargo & Company MN increased its position in GTT Communications Inc (NYSE:GTT) by 48.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 434,142 shares of the technology company’s stock after buying an additional 141,920 shares during the period. Wells Fargo & Company MN’s holdings in GTT Communications were worth $19,536,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of GTT. Eventide Asset Management LLC boosted its holdings in GTT Communications by 943.9% in the 1st 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. Zweig DiMenna Associates LLC bought a new position in shares of GTT Communications during the 1st quarter valued at about $17,279,000. Skye Global Management LP bought a new position in shares of GTT Communications during the 1st quarter valued at about $11,625,000. Bislett Management LLC bought a new position in shares of GTT Communications during the 1st quarter valued at about $5,670,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of GTT Communications by 343.4% during the 1st quarter. JPMorgan Chase & Co. now owns 105,712 shares of the technology company’s stock valued at $5,994,000 after purchasing an additional 81,871 shares during the last quarter. 76.10% of the stock is owned by institutional investors.
GTT opened at $41.65 on Thursday. GTT Communications Inc has a 52 week low of $28.80 and a 52 week high of $62.32. The company has a debt-to-equity ratio of 6.29, a quick ratio of 0.69 and a current ratio of 0.69.
GTT Communications (NYSE:GTT) last released its quarterly earnings data on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.25). GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The company had revenue of $326.80 million for the quarter, compared to the consensus estimate of $297.68 million. During the same period last year, the company earned $0.02 EPS. The firm’s revenue for the quarter was up 71.9% on a year-over-year basis. equities research analysts expect that GTT Communications Inc will post -1.35 EPS for the current fiscal year.
In related news, Director S Joseph Bruno sold 1,000 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $49.85, for a total value of $49,850.00. Following the completion of the transaction, the director now owns 106,847 shares of the company’s stock, valued at approximately $5,326,322.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Chris Mckee sold 2,211 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $40.05, for a total transaction of $88,550.55. Following the completion of the transaction, the general counsel now directly owns 416,266 shares of the company’s stock, valued at approximately $16,671,453.30. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 626,761 shares of company stock valued at $21,636,131 and sold 31,417 shares valued at $1,480,341. 23.01% of the stock is currently owned by company insiders.
GTT has been the subject of several research reports. ValuEngine raised shares of GTT Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. 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 downgraded shares of GTT Communications from a “hold” rating to a “strong sell” rating in a report on Thursday, July 12th. SunTrust Banks reissued a “buy” rating and set a $52.00 price objective on shares of GTT Communications in a report on Friday, August 3rd. Finally, William Blair reissued a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $51.33.
GTT Communications Company Profile
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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