Cadence Capital Management LLC lowered its stake in shares of GTT Communications Inc (NYSE:GTT) by 27.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,042 shares of the technology company’s stock after selling 14,484 shares during the quarter. Cadence Capital Management LLC owned approximately 0.09% of GTT Communications worth $1,786,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in GTT Communications by 52.2% during the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock valued at $250,000 after purchasing an additional 2,726 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of GTT Communications in the second quarter worth about $270,000. ClariVest Asset Management LLC lifted its holdings in shares of GTT Communications by 79.2% in the third quarter. ClariVest Asset Management LLC now owns 8,600 shares of the technology company’s stock worth $272,000 after buying an additional 3,800 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of GTT Communications by 79.2% in the third quarter. Nordea Investment Management AB now owns 8,600 shares of the technology company’s stock worth $272,000 after buying an additional 3,800 shares in the last quarter. Finally, CAPROCK Group Inc. purchased a new stake in shares of GTT Communications in the third quarter worth about $305,000. 64.15% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on GTT shares. Zacks Investment Research raised shares of GTT Communications from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Oppenheimer raised their target price on shares of GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. Finally, Craig Hallum reiterated a “buy” rating and set a $50.00 price target (up from $40.00) on shares of GTT Communications in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. GTT Communications currently has a consensus rating of “Buy” and a consensus price target of $46.00.
GTT Communications Inc (GTT) remained flat at $$46.65 during trading hours on Friday. 172,903 shares of the company’s stock were exchanged, compared to its average volume of 264,513. The firm has a market cap of $2,027.18, a P/E ratio of -71.77, a PEG ratio of 18.38 and a beta of 1.23. GTT Communications Inc has a 52 week low of $22.95 and a 52 week high of $47.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08.
In other news, insider Mcmullen Family Trust purchased 60,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was acquired at an average cost of $0.65 per share, for a total transaction of $39,000.00. Also, Director S Joseph Bruno sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $40.50, for a total value of $40,500.00. Following the sale, the director now owns 108,467 shares of the company’s stock, valued at $4,392,913.50. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock valued at $712,580 in the last three months. Insiders own 25.70% of the company’s stock.
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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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