Calamos Advisors LLC Lowers Position in GTT Communications Inc. (GTT)
Calamos Advisors LLC decreased its position in GTT Communications Inc. (NYSE:GTT) by 29.4% during the second quarter, Holdings Channel reports. The firm owned 19,300 shares of the company’s stock after selling 8,050 shares during the period. Calamos Advisors LLC’s holdings in GTT Communications were worth $357,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the company. Boothbay Fund Management LLC boosted its position in shares of GTT Communications by 7.6% in the first quarter. Boothbay Fund Management LLC now owns 21,026 shares of the company’s stock worth $348,000 after buying an additional 1,493 shares in the last quarter. A.R.T. Advisors LLC bought a new position in GTT Communications during the first quarter valued at $1,068,000. Williams Jones & Associates LLC boosted its position in GTT Communications by 139.1% in the first quarter. Williams Jones & Associates LLC now owns 146,095 shares of the company’s stock valued at $2,416,000 after buying an additional 85,000 shares during the period. Granahan Investment Management Inc. MA boosted its position in GTT Communications by 8.1% in the first quarter. Granahan Investment Management Inc. MA now owns 172,006 shares of the company’s stock valued at $2,845,000 after buying an additional 12,900 shares during the period. Finally, Geode Capital Management LLC boosted its position in GTT Communications by 7.0% in the first quarter. Geode Capital Management LLC now owns 198,215 shares of the company’s stock valued at $3,278,000 after buying an additional 13,045 shares during the period. 61.96% of the stock is currently owned by institutional investors and hedge funds.
Shares of GTT Communications Inc. (NYSE:GTT) traded up 0.46% during trading on Thursday, hitting $23.99. 132,905 shares of the stock traded hands. The firm has a market capitalization of $889.36 million, a price-to-earnings ratio of 29.47 and a beta of 1.29. The firm has a 50-day moving average of $22.14 and a 200-day moving average of $18.94. GTT Communications Inc. has a 1-year low of $12.31 and a 1-year high of $25.13.
Several research analysts recently weighed in on the stock. Drexel Hamilton set a $28.00 price objective on shares of GTT Communications and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Pacific Crest set a $37.00 target price on shares of GTT Communications and gave the stock a “buy” rating in a report on Friday, September 23rd. Finally, Jefferies Group reaffirmed a “buy” rating on shares of GTT Communications in a report on Saturday, August 6th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. GTT Communications currently has a consensus rating of “Buy” and a consensus price target of $32.29.
In related news, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $20.19, for a total transaction of $141,330.00. Following the sale, the general counsel now owns 474,501 shares in the company, valued at approximately $9,580,175.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Calder sold 80,000 shares of the stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $20.04, for a total transaction of $1,603,200.00. Following the sale, the chief executive officer now owns 1,426,444 shares in the company, valued at approximately $28,585,937.76. The disclosure for this sale can be found here. Corporate insiders own 29.86% of the company’s stock.
GTT Communications Company Profile
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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