Wells Fargo & Company MN raised its stake in GTT Communications (NYSE:GTT) by 138.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,261 shares of the technology company’s stock after acquiring an additional 47,757 shares during the period. Wells Fargo & Company MN owned 0.19% of GTT Communications worth $3,862,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of GTT. Bank of New York Mellon Corp boosted its position in shares of GTT Communications by 1.4% during the third quarter. Bank of New York Mellon Corp now owns 330,103 shares of the technology company’s stock worth $10,448,000 after buying an additional 4,715 shares during the period. American International Group Inc. boosted its position in shares of GTT Communications by 8.1% during the third 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. Nordea Investment Management AB boosted its position in shares of GTT Communications by 79.2% during the third quarter. Nordea Investment Management AB now owns 8,600 shares of the technology company’s stock worth $272,000 after buying an additional 3,800 shares during the period. Virginia Retirement Systems ET AL acquired a new position in shares of GTT Communications during the third quarter worth approximately $709,000. Finally, JPMorgan Chase & Co. boosted its position in shares of GTT Communications by 52.2% during the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after buying an additional 2,726 shares during the period. Institutional investors own 66.76% of the company’s stock.
In related news, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $45.85, for a total transaction of $320,950.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Richard Calder sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $45.85, for a total value of $275,100.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,000 shares of company stock worth $1,376,110. 25.70% of the stock is owned by corporate insiders.
Shares of NYSE:GTT opened at $56.60 on Friday. GTT Communications has a 12 month low of $23.10 and a 12 month high of $62.32. The company has a market cap of $2,499.00, a P/E ratio of 371.67, a PEG ratio of 45.51 and a beta of 1.06. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 5.34.
GTT Communications (NYSE:GTT) last announced its earnings results on Thursday, March 1st. The technology company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.17. GTT Communications had a positive return on equity of 2.78% and a negative net margin of 9.21%. The firm had revenue of $249.20 million for the quarter, compared to analysts’ expectations of $247.40 million. analysts anticipate that GTT Communications will post 0.04 earnings per share for the current fiscal year.
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GTT Communications 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.
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