Oppenheimer Asset Management Inc. Increases Holdings in GTT Communications, Inc. (GTT)

Oppenheimer Asset Management Inc. boosted its position in GTT Communications, Inc. (NYSE:GTT) by 144.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,107 shares of the technology company’s stock after purchasing an additional 13,644 shares during the period. Oppenheimer Asset Management Inc. owned about 0.05% of GTT Communications worth $731,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Lyon Street Capital LLC raised its stake in shares of GTT Communications by 9.2% in the third quarter. Lyon Street Capital LLC now owns 308,255 shares of the technology company’s stock worth $9,756,000 after buying an additional 25,944 shares during the period. Spruce House Investment Management LLC bought a new position in shares of GTT Communications in the third quarter worth about $59,723,000. Dimensional Fund Advisors LP raised its stake in shares of GTT Communications by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,656,706 shares of the technology company’s stock worth $52,435,000 after buying an additional 24,385 shares during the period. Messner & Smith Theme Value Investment Management Ltd. CA raised its stake in shares of GTT Communications by 83.4% in the third quarter. Messner & Smith Theme Value Investment Management Ltd. CA now owns 78,059 shares of the technology company’s stock worth $2,471,000 after buying an additional 35,507 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of GTT Communications by 24.2% in the third quarter. Schwab Charles Investment Management Inc. now owns 145,100 shares of the technology company’s stock worth $4,593,000 after buying an additional 28,233 shares during the period. 65.42% of the stock is currently owned by institutional investors and hedge funds.

Separately, Zacks Investment Research downgraded GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $37.25.

In other news, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the transaction, the insider now owns 1,121,006 shares of the company’s stock, valued at $35,860,981.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.99, for a total value of $223,930.00. Following the completion of the transaction, the general counsel now directly owns 397,081 shares in the company, valued at approximately $12,702,621.19. The disclosure for this sale can be found here. In the last ninety days, insiders bought 81,000 shares of company stock worth $63,250 and sold 77,000 shares worth $1,907,290. 25.70% of the stock is owned by company insiders.

GTT Communications, Inc. (NYSE GTT) opened at $42.95 on Friday. The company has a debt-to-equity ratio of 4.08, a current ratio of 0.91 and a quick ratio of 0.91. GTT Communications, Inc. has a 12 month low of $22.95 and a 12 month high of $43.05. The company has a market capitalization of $1,822.94, a PE ratio of 466.11 and a beta of 1.48.

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

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