GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp acquired 524,100 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The shares were bought at an average price of $33.55 per share, with a total value of $17,583,555.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Spruce House Partnership Lp also recently made the following trade(s):

  • On Wednesday, October 24th, Spruce House Partnership Lp acquired 327,000 shares of GTT Communications stock. The shares were bought at an average price of $33.13 per share, with a total value of $10,833,510.00.
  • On Tuesday, October 2nd, Spruce House Partnership Lp acquired 105,000 shares of GTT Communications stock. The shares were bought at an average price of $44.10 per share, with a total value of $4,630,500.00.
  • On Thursday, October 4th, Spruce House Partnership Lp acquired 387,933 shares of GTT Communications stock. The shares were bought at an average price of $44.11 per share, with a total value of $17,111,724.63.
  • On Wednesday, September 12th, Spruce House Partnership Lp acquired 103,000 shares of GTT Communications stock. The shares were bought at an average price of $42.80 per share, with a total value of $4,408,400.00.
  • On Friday, September 14th, Spruce House Partnership Lp acquired 328,000 shares of GTT Communications stock. The shares were bought at an average price of $43.10 per share, with a total value of $14,136,800.00.
  • On Thursday, September 6th, Spruce House Partnership Lp acquired 234,067 shares of GTT Communications stock. The shares were bought at an average price of $40.01 per share, with a total value of $9,365,020.67.
  • On Monday, September 10th, Spruce House Partnership Lp acquired 702,531 shares of GTT Communications stock. The shares were bought at an average price of $41.88 per share, with a total value of $29,421,998.28.
  • On Wednesday, August 15th, Spruce House Partnership Lp acquired 178,846 shares of GTT Communications stock. The shares were bought at an average price of $36.44 per share, with a total value of $6,517,148.24.
  • On Monday, August 13th, Spruce House Partnership Lp purchased 426,915 shares of GTT Communications stock. The stock was acquired at an average price of $33.73 per share, with a total value of $14,399,842.95.

GTT Communications stock opened at $34.50 on Monday. The company has a debt-to-equity ratio of 6.29, a current ratio of 0.69 and a quick ratio of 0.69. GTT Communications Inc has a one year low of $31.44 and a one year high of $62.32. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 143.75 and a beta of 0.80.

GTT Communications (NYSE:GTT) last released its quarterly earnings results on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.25). GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The business had revenue of $326.80 million during the quarter, compared to analysts’ expectations of $297.68 million. During the same quarter last year, the business posted $0.02 earnings per share. The company’s quarterly revenue was up 71.9% compared to the same quarter last year. As a group, equities analysts predict that GTT Communications Inc will post -1.36 earnings per share for the current year.

Several large investors have recently made changes to their positions in the company. Amalgamated Bank raised its stake in shares of GTT Communications by 28.8% in the second quarter. Amalgamated Bank now owns 5,340 shares of the technology company’s stock worth $240,000 after purchasing an additional 1,194 shares during the last quarter. GAM Holding AG raised its stake in shares of GTT Communications by 1.2% in the second quarter. GAM Holding AG now owns 133,668 shares of the technology company’s stock worth $6,015,000 after purchasing an additional 1,600 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of GTT Communications by 148.8% in the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after purchasing an additional 1,751 shares during the last quarter. TD Asset Management Inc. raised its stake in shares of GTT Communications by 13.9% in the second quarter. TD Asset Management Inc. now owns 19,700 shares of the technology company’s stock worth $887,000 after purchasing an additional 2,400 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of GTT Communications by 13.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 22,888 shares of the technology company’s stock worth $1,030,000 after purchasing an additional 2,630 shares during the last quarter. Hedge funds and other institutional investors own 75.88% of the company’s stock.

A number of equities research analysts have commented on the company. Zacks Investment Research cut GTT Communications from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 12th. William Blair reiterated a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. SunTrust Banks reiterated a “buy” rating and issued a $52.00 price target on shares of GTT Communications in a research note on Friday, August 3rd. ValuEngine upgraded GTT Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 17th. Finally, BWS Financial assumed coverage on GTT Communications in a research note on Monday, August 6th. They issued a “sell” rating and a $5.00 price target for the company. Two analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $51.33.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.

Further Reading: What is a Call Option?

Insider Buying and Selling by Quarter for GTT Communications (NYSE:GTT)

Receive News & Ratings for GTT Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications and related companies with MarketBeat.com's FREE daily email newsletter.