Bank of America Corp DE increased its position in shares of GTT Communications, Inc. (NYSE:GTT) by 2.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 295,555 shares of the technology company’s stock after buying an additional 7,813 shares during the period. Bank of America Corp DE owned 0.72% of GTT Communications worth $7,196,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Parametric Portfolio Associates LLC increased its stake in shares of 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 buying an additional 4,938 shares during the last quarter. TFS Capital LLC acquired a new position in shares of GTT Communications during the first quarter valued at $657,000. Ameriprise Financial Inc. boosted its position in shares of GTT Communications by 37.1% in the first quarter. Ameriprise Financial Inc. now owns 41,503 shares of the technology company’s stock valued at $1,011,000 after buying an additional 11,228 shares during the period. Sei Investments Co. boosted its position in shares of GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock valued at $135,000 after buying an additional 2,664 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 period. 57.27% of the stock is currently owned by hedge funds and other institutional investors.
GTT Communications, Inc. (NYSE:GTT) traded up 0.17% during midday trading on Monday, reaching $29.50. 18,578 shares of the company’s stock were exchanged. The firm’s market capitalization is $1.22 billion. GTT Communications, Inc. has a 52 week low of $19.86 and a 52 week high of $34.20. The firm’s 50 day moving average is $30.98 and its 200 day moving average is $28.84.
GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ 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 quarterly revenue was up 44.5% on a year-over-year basis. On average, equities analysts anticipate that GTT Communications, Inc. will post ($0.44) earnings per share for the current year.
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Several equities analysts have recently weighed in on the stock. Cowen and Company increased their price objective on shares of GTT Communications from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 28th. BidaskClub upgraded shares of GTT Communications from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $35.14.
In other GTT Communications news, Director Howard E. Janzen sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $30.32, for a total value of $181,920.00. Following the sale, the director now owns 240,728 shares in the company, valued at approximately $7,298,872.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Richard Calder sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $32.86, for a total value of $328,600.00. Following the transaction, the insider now directly 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. In the last 90 days, insiders sold 69,000 shares of company stock worth $2,166,110. 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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