Crestview Partners III GP L.P. Has $6.99 Million Position in GTT Communications Inc (NYSE:GTT)

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Crestview Partners III GP L.P. lessened its position in GTT Communications Inc (NYSE:GTT) by 89.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 397,260 shares of the technology company’s stock after selling 3,551,189 shares during the quarter. GTT Communications makes up about 1.9% of Crestview Partners III GP L.P.’s holdings, making the stock its 4th biggest holding. Crestview Partners III GP L.P. owned 0.71% of GTT Communications worth $6,992,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of GTT. Raymond James & Associates lifted its position in shares of GTT Communications by 40.7% in the 1st quarter. Raymond James & Associates now owns 51,502 shares of the technology company’s stock valued at $1,787,000 after acquiring an additional 14,890 shares in the last quarter. Eos Focused Equity Management L.P. purchased a new stake in shares of GTT Communications in the 1st quarter valued at approximately $1,089,000. Magnus Financial Group LLC lifted its position in shares of GTT Communications by 86.3% in the 1st quarter. Magnus Financial Group LLC now owns 13,008 shares of the technology company’s stock valued at $451,000 after acquiring an additional 6,026 shares in the last quarter. AlphaOne Investment Services LLC lifted its position in shares of GTT Communications by 67.6% in the 1st quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock valued at $101,000 after acquiring an additional 1,170 shares in the last quarter. Finally, Cheyne Capital Management UK LLP purchased a new stake in GTT Communications in the 1st quarter worth approximately $2,763,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

In other GTT Communications news, major shareholder Spruce House Partnership Lp purchased 520,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were acquired at an average price of $8.35 per share, for a total transaction of $4,342,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Richard Calder bought 20,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $6.57 per share, for a total transaction of $131,400.00. Following the completion of the purchase, the chief executive officer now directly owns 1,347,850 shares in the company, valued at approximately $8,855,374.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 1,615,690 shares of company stock worth $14,274,682 and have sold 20,789 shares worth $239,080. 40.84% of the stock is currently owned by company insiders.

Shares of GTT Communications stock traded down $0.11 during midday trading on Friday, reaching $9.65. 31,991 shares of the company’s stock traded hands, compared to its average volume of 941,985. The company has a market cap of $546.71 million, a price-to-earnings ratio of -6.07 and a beta of 1.57. The company’s 50 day simple moving average is $9.85 and its 200 day simple moving average is $24.13. The company has a debt-to-equity ratio of 9.85, a quick ratio of 0.57 and a current ratio of 0.57. GTT Communications Inc has a 52 week low of $4.90 and a 52 week high of $47.20.

GTT Communications (NYSE:GTT) last released its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.55). The business had revenue of $433.80 million for the quarter, compared to the consensus estimate of $447.66 million. GTT Communications had a negative net margin of 7.66% and a negative return on equity of 13.01%. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($2.83) EPS. As a group, equities research analysts predict that GTT Communications Inc will post -1.33 earnings per share for the current year.

GTT has been the subject of a number of research analyst reports. Craig Hallum downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. ValuEngine upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Raymond James downgraded shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 target price for the company. in a research report on Monday, August 12th. Zacks Investment Research upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research report on Monday. Finally, SunTrust Banks cut their target price on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $29.31.

GTT Communications Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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Institutional Ownership by Quarter for GTT Communications (NYSE:GTT)

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