JPMorgan Chase & Co. Has $389,000 Position in GTT Communications, Inc. (GTT)

JPMorgan Chase & Co. reduced its position in shares of GTT Communications, Inc. (NYSE:GTT) by 49.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (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.

Other institutional investors also recently made changes to their positions in the company. State Street Corp raised 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 worth $12,833,000 after buying an additional 42,989 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of GTT Communications during the fourth quarter valued at $1,417,000. AQR Capital Management LLC acquired a new position in shares of GTT Communications during the fourth quarter valued at $214,000. Teachers Advisors LLC raised 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 in the last quarter. Finally, Skylands Capital LLC acquired a new position in shares of GTT Communications during the first quarter valued at $665,000. Institutional investors own 57.27% of the company’s stock.

Shares of GTT Communications, Inc. (NYSE:GTT) opened at 29.75 on Friday. The firm’s market capitalization is $1.23 billion. The company’s 50-day moving average is $30.52 and its 200 day moving average is $28.86. GTT Communications, Inc. has a 52-week low of $20.18 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, topping analysts’ consensus estimates 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 company had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. The company’s revenue was up 44.5% compared to the same quarter last year. Analysts expect that GTT Communications, Inc. will post ($0.44) EPS for the current fiscal year.

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Several equities research analysts have commented on GTT shares. Cowen and Company set a $40.00 target price on shares of GTT Communications and gave the company an “outperform” rating in a research note on Friday, May 5th. Zacks Investment Research upgraded shares of GTT Communications from a “strong sell” rating to a “hold” rating in a report on Friday, May 5th. Finally, BidaskClub upgraded shares of GTT Communications from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $35.14.

In other news, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $32.84, for a total transaction of $197,040.00. Following the completion of the transaction, the director now directly owns 246,692 shares in the company, valued at $8,101,365.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $30.37, for a total value of $212,590.00. Following the completion of the sale, the general counsel now owns 418,457 shares of the company’s stock, valued at $12,708,539.09. The disclosure for this sale can be found here. Insiders have sold 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.

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.

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

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