GTT Communications Inc (GTT) General Counsel Chris Mckee Sells 780 Shares

GTT Communications Inc (NYSE:GTT) General Counsel Chris Mckee sold 780 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $25.43, for a total value of $19,835.40. Following the completion of the transaction, the general counsel now directly owns 485,499 shares of the company’s stock, valued at approximately $12,346,239.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Chris Mckee also recently made the following trade(s):

  • On Friday, May 3rd, Chris Mckee sold 2,642 shares of GTT Communications stock. The shares were sold at an average price of $41.54, for a total value of $109,748.68.
  • On Wednesday, April 10th, Chris Mckee sold 371 shares of GTT Communications stock. The shares were sold at an average price of $39.30, for a total value of $14,580.30.
  • On Wednesday, March 6th, Chris Mckee sold 3,584 shares of GTT Communications stock. The shares were sold at an average price of $32.11, for a total value of $115,082.24.
  • On Monday, February 25th, Chris Mckee sold 1,720 shares of GTT Communications stock. The shares were sold at an average price of $32.43, for a total value of $55,779.60.
  • On Thursday, February 21st, Chris Mckee sold 667 shares of GTT Communications stock. The shares were sold at an average price of $31.06, for a total value of $20,717.02.

NYSE GTT traded up $1.64 on Tuesday, hitting $27.39. 8,789 shares of the stock traded hands, compared to its average volume of 424,677. GTT Communications Inc has a twelve month low of $21.68 and a twelve month high of $52.45. The stock has a market capitalization of $1.44 billion, a P/E ratio of -17.23 and a beta of 1.50. The company has a quick ratio of 0.62, a current ratio of 0.60 and a debt-to-equity ratio of 9.77.

GTT Communications (NYSE:GTT) last announced its quarterly earnings data on Thursday, February 28th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.05. GTT Communications had a negative return on equity of 16.23% and a negative net margin of 14.28%. The firm had revenue of $454.80 million for the quarter, compared to analysts’ expectations of $453.79 million. On average, analysts anticipate that GTT Communications Inc will post -0.35 EPS for the current year.

A number of research analysts recently commented on the company. Oppenheimer reduced their price target on GTT Communications from $50.00 to $42.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Zacks Investment Research downgraded GTT Communications from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. ValuEngine raised GTT Communications from a “hold” rating to a “buy” rating in a report on Monday, January 21st. BTIG Research reduced their price target on GTT Communications to $49.00 and set a “buy” rating for the company in a report on Monday, April 8th. Finally, KeyCorp reduced their price target on GTT Communications from $57.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $41.75.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cannell Capital LLC acquired a new stake in GTT Communications during the fourth quarter valued at approximately $82,000. AlphaOne Investment Services LLC raised its stake in GTT Communications by 67.6% during the first quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock valued at $101,000 after buying an additional 1,170 shares in the last quarter. Citigroup Inc. raised its position in shares of GTT Communications by 1,180.1% during the 4th quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock worth $122,000 after purchasing an additional 4,756 shares during the period. Bessemer Group Inc. raised its position in shares of GTT Communications by 69.9% during the 4th quarter. Bessemer Group Inc. now owns 7,400 shares of the technology company’s stock worth $175,000 after purchasing an additional 3,045 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of GTT Communications by 16.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,582 shares of the technology company’s stock worth $179,000 after purchasing an additional 1,044 shares during the period. Hedge funds and other institutional investors own 85.37% of the company’s stock.

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About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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