Insight Capital Research & Management Inc. boosted its position in shares of GTT Communications, Inc. (NYSE:GTT) by 26.2% during the second quarter, Holdings Channel reports. The firm owned 69,761 shares of the technology company’s stock after buying an additional 14,464 shares during the period. GTT Communications accounts for about 1.3% of Insight Capital Research & Management Inc.’s portfolio, making the stock its 26th largest position. Insight Capital Research & Management Inc.’s holdings in GTT Communications were worth $2,208,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTT. Kennedy Capital Management Inc. boosted 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 worth $10,049,000 after buying an additional 155,130 shares during the period. State Street Corp boosted its position in GTT Communications by 10.7% in the fourth quarter. State Street Corp now owns 446,332 shares of the technology company’s stock worth $12,833,000 after buying an additional 42,989 shares during the period. Renaissance Technologies LLC purchased a new position in GTT Communications during the fourth quarter worth $1,417,000. EAM Investors LLC purchased a new position in GTT Communications during the first quarter worth $3,018,000. Finally, Mackenzie Financial Corp purchased a new position in GTT Communications during the first quarter worth $597,000. Institutional investors and hedge funds own 56.49% of the company’s stock.
Shares of GTT Communications, Inc. (GTT) traded up 1.32% during mid-day trading on Tuesday, hitting $30.65. 60,494 shares of the stock were exchanged. GTT Communications, Inc. has a 12 month low of $19.76 and a 12 month high of $34.20. The stock’s market cap is $1.26 billion. The company has a 50-day moving average price of $31.68 and a 200-day moving average price of $28.63.
GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by $0.30. The business had revenue of $182.40 million for the quarter, compared to analyst estimates of $179.16 million. GTT Communications had a positive return on equity of 4.57% and a negative net margin of 2.15%. GTT Communications’s revenue for the quarter was up 46.6% on a year-over-year basis. Equities analysts expect that GTT Communications, Inc. will post ($0.15) earnings per share for the current year.
A number of research analysts have weighed in on GTT shares. Zacks Investment Research upgraded shares of GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, July 17th. Cowen and Company boosted their price objective on shares of GTT Communications from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, May 15th. Finally, BidaskClub cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $35.29.
In related news, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $27.87, for a total transaction of $278,700.00. Following the completion of the sale, the insider now directly owns 1,190,753 shares of the company’s stock, valued at approximately $33,186,286.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $32.84, for a total value of $197,040.00. Following the sale, the director now directly owns 246,692 shares of the company’s stock, valued at $8,101,365.28. The disclosure for this sale can be found here. Insiders have sold a total of 75,000 shares of company stock valued at $2,301,590 over the last three months. Corporate insiders own 25.70% of the company’s stock.
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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