Insider Selling: GTT Communications, Inc. (GTT) Director Sells $40,500.00 in Stock
GTT Communications, Inc. (NYSE:GTT) Director S Joseph Bruno sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $40.50, for a total transaction of $40,500.00. Following the transaction, the director now owns 108,467 shares in the company, valued at $4,392,913.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
GTT Communications, Inc. (NYSE GTT) traded down $0.65 during trading on Thursday, hitting $39.90. 200,200 shares of the stock were exchanged, compared to its average volume of 270,731. The stock has a market cap of $1,762.10, a P/E ratio of 450.56 and a beta of 1.48. GTT Communications, Inc. has a twelve month low of $22.95 and a twelve month high of $41.00. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08.
Several institutional investors have recently added to or reduced their stakes in the company. D.A. Davidson & CO. raised its stake in shares of GTT Communications by 4.6% in the 2nd quarter. D.A. Davidson & CO. now owns 20,224 shares of the technology company’s stock valued at $640,000 after acquiring an additional 890 shares during the period. Alliancebernstein L.P. increased its stake in GTT Communications by 3.1% during the 1st quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock worth $721,000 after buying an additional 900 shares during the period. Teachers Advisors LLC increased its stake in GTT Communications by 2.1% during the 1st quarter. Teachers Advisors LLC now owns 43,757 shares of the technology company’s stock worth $1,065,000 after buying an additional 906 shares during the period. Legal & General Group Plc increased its stake in GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after buying an additional 907 shares during the period. Finally, American International Group Inc. increased its stake in GTT Communications by 8.1% during the 3rd quarter. American International Group Inc. now owns 20,768 shares of the technology company’s stock worth $657,000 after buying an additional 1,552 shares during the period. 65.42% of the stock is currently owned by institutional investors and hedge funds.
Separately, Zacks Investment Research upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $36.20.
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About GTT Communications
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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