GTT Communications Inc. (GTT) Stock Price Down 2.9%
GTT Communications Inc. (NYSE:GTT) was down 2.9% during mid-day trading on Wednesday . The stock traded as low as $19.89 and last traded at $19.89, with a volume of 104,610 shares changing hands. The stock had previously closed at $20.49.
Several equities research analysts have recently issued reports on GTT shares. Zacks Investment Research cut shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, April 26th. Drexel Hamilton reiterated a “buy” rating on shares of GTT Communications in a research report on Tuesday, May 10th. Finally, Jefferies Group reiterated a “buy” rating on shares of GTT Communications in a research report on Saturday, May 14th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $33.00.
The firm has a market capitalization of $737.36 million and a PE ratio of 24.43. The firm’s 50-day moving average price is $20.20 and its 200-day moving average price is $17.16.
In related news, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $20.19, for a total value of $141,330.00. Following the completion of the transaction, the general counsel now directly owns 474,501 shares of the company’s stock, valued at approximately $9,580,175.19. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Nicola Adamo acquired 5,000 shares of GTT Communications stock in a transaction that occurred on Wednesday, June 1st. The stock was purchased at an average cost of $17.99 per share, with a total value of $89,950.00. Following the completion of the purchase, the director now owns 16,308 shares in the company, valued at approximately $293,380.92. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in GTT Communications stock. Dimensional Fund Advisors LP boosted its stake in shares of GTT Communications Inc. (NYSE:GTT) by 26.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 597,047 shares of the company’s stock after buying an additional 126,330 shares during the period. Dimensional Fund Advisors LP owned approximately 1.68% of GTT Communications worth $10,186,000 as of its most recent filing with the SEC.
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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