Monarch Partners Asset Management LLC Takes Position in GTT Communications, Inc. (GTT)
Monarch Partners Asset Management LLC purchased a new stake in shares of GTT Communications, Inc. (NYSE:GTT) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 68,830 shares of the technology company’s stock, valued at approximately $2,178,000.
A number of other large investors also recently bought and sold shares of GTT. Nordea Investment Management AB bought a new stake in GTT Communications during the first quarter valued at $117,000. ClariVest Asset Management LLC bought a new stake in GTT Communications during the first quarter valued at $117,000. Invictus RG bought a new stake in GTT Communications during the first quarter valued at $117,000. Fifth Third Bancorp increased its stake in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock valued at $123,000 after buying an additional 536 shares during the period. Finally, Sei Investments Co. increased its stake in GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock valued at $135,000 after buying an additional 2,664 shares during the period. 57.56% of the stock is owned by hedge funds and other institutional investors.
Shares of GTT Communications, Inc. (GTT) opened at 29.45 on Friday. The stock’s 50 day moving average is $30.98 and its 200 day moving average is $28.84. The company’s market capitalization is $1.22 billion. GTT Communications, Inc. has a 52-week low of $19.86 and a 52-week high of $34.20.
GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. The business had revenue of $186.20 million during the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The firm’s quarterly revenue was up 44.5% on a year-over-year basis. Equities analysts expect that GTT Communications, Inc. will post ($0.44) EPS for the current year.
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GTT has been the subject of several research analyst reports. Cowen and Company set a $43.00 price target on shares of GTT Communications and gave the company a “buy” rating in a research note on Friday, August 4th. BidaskClub raised shares of GTT Communications from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research raised shares of GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, July 17th. Two research analysts have rated the stock with a sell rating and six have issued a buy rating to the company. GTT Communications has a consensus rating of “Buy” and a consensus price target of $35.14.
In other GTT Communications news, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $32.85, for a total transaction of $229,950.00. Following the completion of the sale, the general counsel now directly owns 433,532 shares in the company, valued at approximately $14,241,526.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $32.86, for a total transaction of $328,600.00. Following the sale, the insider now owns 1,171,042 shares of the company’s stock, valued at $38,480,440.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,000 shares of company stock valued at $2,166,110. 25.70% of the stock is owned by company insiders.
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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