Allianz Asset Management GmbH lessened its holdings in shares of GTT Communications Inc (NYSE:GTT) by 3.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 192,213 shares of the technology company’s stock after selling 7,240 shares during the period. Allianz Asset Management GmbH owned 0.44% of GTT Communications worth $6,084,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its holdings in shares of GTT Communications by 2,153.6% during the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after buying an additional 3,295 shares during the last quarter. Airain ltd bought a new stake in GTT Communications during the second quarter worth approximately $216,000. Legal & General Group Plc raised its holdings in GTT Communications by 14.1% during the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after purchasing an additional 907 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in GTT Communications by 52.2% during the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Laurion Capital Management LP bought a new stake in GTT Communications during the second quarter worth approximately $266,000. 65.41% of the stock is currently owned by institutional investors.
In other GTT Communications news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $39.54, for a total value of $276,780.00. Following the transaction, the general counsel now owns 487,928 shares in the company, valued at $19,292,673.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $36.33, for a total transaction of $363,300.00. Following the transaction, the insider now owns 1,113,679 shares in the company, valued at $40,459,958.07. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 81,000 shares of company stock worth $63,250 and sold 50,000 shares worth $1,341,960. Insiders own 25.70% of the company’s stock.
GTT has been the topic of several recent analyst reports. Zacks Investment Research cut GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Oppenheimer boosted their target price on GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. GTT Communications presently has an average rating of “Buy” and a consensus target price of $40.20.
GTT Communications 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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