GTT Communications Inc. (GTT) Trading 3.6% Higher
GTT Communications Inc. (NYSE:GTT) shares traded up 3.6% on Thursday . The company traded as high as $19.05 and last traded at $18.97, with a volume of 130,054 shares trading hands. The stock had previously closed at $18.31.
A number of research analysts have recently weighed in on the company. Jefferies Group reiterated a “buy” rating on shares of GTT Communications in a report on Saturday, May 14th. Drexel Hamilton reiterated a “buy” rating on shares of GTT Communications in a report on Tuesday, May 10th. Finally, Zacks Investment Research downgraded GTT Communications from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. GTT Communications has a consensus rating of “Buy” and a consensus price target of $32.29.
The stock has a market cap of $708.21 million and a PE ratio of 36.51. The company’s 50-day moving average price is $17.80 and its 200 day moving average price is $16.22.
GTT Communications (NYSE:GTT) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.02 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.02. The firm earned $124.40 million during the quarter, compared to the consensus estimate of $123.34 million. Analysts forecast that GTT Communications Inc. will post $0.24 EPS for the current fiscal year.
In other news, Director Nicola Adamo acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were purchased at an average cost of $17.99 per share, for a total transaction of $89,950.00. Following the transaction, the director now owns 16,308 shares of the company’s stock, valued at $293,380.92. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Russell Frank Co increased its position in GTT Communications by 27.6% in the fourth quarter. Russell Frank Co now owns 121,516 shares of the company’s stock worth $2,080,000 after buying an additional 26,267 shares during the period. Columbia Wanger Asset Management LLC increased its position in GTT Communications by 1.6% in the fourth quarter. Columbia Wanger Asset Management LLC now owns 2,036,427 shares of the company’s stock worth $34,741,000 after buying an additional 32,583 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in GTT Communications by 26.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 597,047 shares of the company’s stock worth $10,186,000 after buying an additional 126,330 shares during the period.
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.
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