GTT Communications Inc. (NYSE:GTT) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of GTT Communications Inc. (NYSE:GTT) have been given an average rating of “Buy” by the nine analysts that are currently covering the company. One investment analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $34.50.
A number of research firms have weighed in on GTT. Jefferies Group restated a “buy” rating on shares of GTT Communications in a research note on Saturday, August 6th. Pacific Crest set a $37.00 price objective on GTT Communications and gave the stock a “buy” rating in a report on Friday, September 23rd. Finally, Drexel Hamilton set a $28.00 price objective on GTT Communications and gave the stock a “buy” rating in a report on Wednesday, September 28th.
In related news, CEO Richard Calder sold 80,000 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $20.04, for a total transaction of $1,603,200.00. Following the sale, the chief executive officer now owns 1,426,444 shares in the company, valued at $28,585,937.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Chris Mckee sold 56,000 shares of the stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $20.05, for a total transaction of $1,122,800.00. Following the sale, the executive vice president now owns 517,213 shares in the company, valued at approximately $10,370,120.65. The disclosure for this sale can be found here. Corporate insiders own 29.86% of the company’s stock.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp boosted its position in GTT Communications by 68.9% in the second quarter. Fifth Third Bancorp now owns 7,132 shares of the company’s stock valued at $132,000 after buying an additional 2,909 shares during the period. BlackRock Advisors LLC boosted its position in GTT Communications by 11.1% in the second quarter. BlackRock Advisors LLC now owns 12,667 shares of the company’s stock valued at $234,000 after buying an additional 1,261 shares during the period. American International Group Inc. boosted its position in GTT Communications by 6.0% in the second quarter. American International Group Inc. now owns 15,184 shares of the company’s stock valued at $281,000 after buying an additional 864 shares during the period. UBS Asset Management Americas Inc. boosted its position in GTT Communications by 3.2% in the second quarter. UBS Asset Management Americas Inc. now owns 16,100 shares of the company’s stock valued at $298,000 after buying an additional 500 shares during the period. Finally, Brown Advisory Inc. boosted its position in GTT Communications by 41.9% in the second quarter. Brown Advisory Inc. now owns 16,363 shares of the company’s stock valued at $302,000 after buying an additional 4,834 shares during the period. Hedge funds and other institutional investors own 61.96% of the company’s stock.
GTT Communications (NYSE:GTT) traded up 0.21% during trading on Friday, reaching $24.04. The company had a trading volume of 52,940 shares. The stock has a market capitalization of $891.21 million, a price-to-earnings ratio of 29.53 and a beta of 1.29. The firm has a 50-day moving average of $22.14 and a 200-day moving average of $18.94. GTT Communications has a 1-year low of $12.31 and a 1-year high of $25.13.
About GTT Communications
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.
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