JPMorgan Chase & Co. decreased its stake in GTT Communications, Inc. (NYSE:GTT) by 49.4% during the first quarter, according to its most recent filing with the SEC. The fund owned 15,967 shares of the technology company’s stock after selling 15,597 shares during the period. JPMorgan Chase & Co.’s holdings in GTT Communications were worth $389,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its position in shares of GTT Communications by 10.7% in the fourth quarter. State Street Corp now owns 446,332 shares of the technology company’s stock valued at $12,833,000 after buying an additional 42,989 shares during the period. Renaissance Technologies LLC purchased a new position in shares of GTT Communications during the fourth quarter valued at about $1,417,000. 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. Teachers Advisors LLC boosted its position in shares of GTT Communications by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 42,851 shares of the technology company’s stock valued at $1,232,000 after buying an additional 949 shares during the period. Finally, AQR Capital Management LLC purchased a new position in shares of GTT Communications during the fourth quarter valued at about $214,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.
Shares of GTT Communications, Inc. (GTT) traded up 0.17% during midday trading on Friday, reaching $29.45. The company’s stock had a trading volume of 270,502 shares. The stock has a 50 day moving average price of $31.07 and a 200-day moving average price of $28.84. The company’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.
GTT Communications (NYSE:GTT) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. The business had revenue of $186.20 million for the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The business’s quarterly revenue was up 44.5% on a year-over-year basis. Equities research analysts expect that GTT Communications, Inc. will post ($0.44) EPS for the current year.
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Several equities analysts recently issued reports on GTT shares. Zacks Investment Research upgraded GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Monday, July 17th. Cowen and Company raised their price objective on GTT Communications from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Finally, BidaskClub cut GTT Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. GTT Communications has an average rating of “Buy” and an average target price of $35.14.
In related news, Director Howard E. Janzen sold 6,000 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $7,298,872.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $32.85, for a total value of $229,950.00. Following the completion of the sale, the general counsel now directly owns 433,532 shares in the company, valued at approximately $14,241,526.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,000 shares of company stock worth $2,166,110. 25.70% of the stock is owned by insiders.
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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