Allianz Asset Management GmbH Lowers Stake in GTT Communications, Inc. (GTT)

Allianz Asset Management GmbH lowered its stake in shares of GTT Communications, Inc. (NYSE:GTT) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 192,213 shares of the technology company’s stock after selling 7,240 shares during the quarter. Allianz Asset Management GmbH owned 0.44% of GTT Communications worth $6,084,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GTT. Spruce House Investment Management LLC purchased a new stake in shares of GTT Communications during the 3rd quarter valued at $59,723,000. Bamco Inc. NY purchased a new stake in shares of GTT Communications during the 2nd quarter valued at $42,727,000. Cove Street Capital LLC purchased a new stake in shares of GTT Communications during the 2nd quarter valued at $8,507,000. Castleark Management LLC raised its position in shares of GTT Communications by 40.1% during the 2nd quarter. Castleark Management LLC now owns 472,769 shares of the technology company’s stock valued at $14,963,000 after buying an additional 135,407 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of GTT Communications by 11.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock valued at $38,876,000 after purchasing an additional 126,032 shares during the last quarter. Hedge funds and other institutional investors own 65.41% of the company’s stock.

In other news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total transaction of $223,930.00. Following the sale, the general counsel now owns 397,081 shares of the company’s stock, valued at approximately $12,702,621.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $39.53, for a total transaction of $395,300.00. Following the sale, the insider now directly owns 1,262,855 shares in the company, valued at approximately $49,920,658.15. The disclosure for this sale can be found here. In the last three months, insiders acquired 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.

Separately, Zacks Investment Research raised shares of GTT Communications from a “sell” rating to a “hold” rating in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. GTT Communications has an average rating of “Hold” and an average price target of $37.25.

Shares of GTT Communications, Inc. (NYSE GTT) opened at $45.30 on Wednesday. The stock has a market cap of $1,998.94, a price-to-earnings ratio of 511.11 and a beta of 1.48. GTT Communications, Inc. has a twelve month low of $22.95 and a twelve month high of $47.75. The company has a debt-to-equity ratio of 4.08, a current ratio of 0.91 and a quick ratio of 0.91.

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

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