Geode Capital Management LLC Has $5 Million Stake in GTT Communications, Inc. (GTT)

Geode Capital Management LLC raised its position in GTT Communications, Inc. (NYSE:GTT) by 7.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 205,372 shares of the technology company’s stock after buying an additional 13,708 shares during the period. Geode Capital Management LLC owned 0.50% of GTT Communications worth $5,000,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GTT. Fifth Third Bancorp increased its position in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock worth $123,000 after buying an additional 536 shares during the last quarter. Alliancebernstein L.P. increased its position in GTT Communications by 3.1% in the first quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock worth $721,000 after buying an additional 900 shares during the last quarter. Teachers Advisors LLC increased its position in GTT Communications by 2.1% in the first quarter. Teachers Advisors LLC now owns 43,757 shares of the technology company’s stock worth $1,065,000 after buying an additional 906 shares during the last quarter. American International Group Inc. increased its position in GTT Communications by 7.1% in the first quarter. American International Group Inc. now owns 16,243 shares of the technology company’s stock worth $396,000 after buying an additional 1,076 shares during the last quarter. Finally, Cadence Capital Management LLC increased its position in GTT Communications by 4.4% in the first quarter. Cadence Capital Management LLC now owns 47,300 shares of the technology company’s stock worth $1,152,000 after buying an additional 1,977 shares during the last quarter. 57.56% of the stock is owned by institutional investors.

Shares of GTT Communications, Inc. (NYSE:GTT) traded up 0.17% during trading on Friday, reaching $29.45. 270,502 shares of the company traded hands. GTT Communications, Inc. has a 12 month low of $19.86 and a 12 month high of $34.20. The stock’s market capitalization is $1.22 billion. The company has a 50-day moving average of $30.98 and a 200-day moving average of $28.84.

GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. The business had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The company’s revenue for the quarter was up 44.5% on a year-over-year basis. Analysts forecast that GTT Communications, Inc. will post ($0.44) earnings per share for the current fiscal year.

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Several brokerages recently issued reports on GTT. BidaskClub downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Cowen and Company lifted their price target on shares of GTT Communications from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, June 28th. Finally, Zacks Investment Research downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. The company 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 stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $30.32, for a total transaction of $181,920.00. Following the completion of the sale, the director now owns 240,728 shares of the company’s stock, valued at approximately $7,298,872.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard Calder sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $32.86, for a total transaction of $328,600.00. Following the sale, the insider now directly owns 1,171,042 shares of the company’s stock, valued at approximately $38,480,440.12. The disclosure for this sale can be found here. Insiders have sold a total of 69,000 shares of company stock valued at $2,166,110 in the last three months. Insiders own 25.70% of the company’s stock.

About GTT Communications

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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Institutional Ownership by Quarter for GTT Communications (NYSE:GTT)

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