Insider Selling: GTT Communications, Inc. (GTT) General Counsel Sells 7,000 Shares of Stock
GTT Communications, Inc. (NYSE:GTT) General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $36.34, for a total value of $254,380.00. Following the completion of the transaction, the general counsel now owns 391,517 shares in the company, valued at approximately $14,227,727.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Chris Mckee also recently made the following trade(s):
- On Monday, October 2nd, Chris Mckee sold 7,000 shares of GTT Communications stock. The shares were sold at an average price of $31.99, for a total value of $223,930.00.
- On Friday, September 1st, Chris Mckee sold 7,000 shares of GTT Communications stock. The shares were sold at an average price of $31.35, for a total value of $219,450.00.
GTT Communications (NYSE:GTT) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The firm had revenue of $186.20 million for the quarter, compared to analyst estimates of $186.65 million. The business’s revenue was up 44.5% on a year-over-year basis.
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A number of hedge funds have recently bought and sold shares of GTT. Bamco Inc. NY purchased a new stake in GTT Communications in the 2nd quarter valued at approximately $42,727,000. Russell Investments Group Ltd. lifted its stake in GTT Communications by 239.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 397,751 shares of the technology company’s stock valued at $12,589,000 after buying an additional 280,744 shares in the last quarter. Cove Street Capital LLC purchased a new stake in GTT Communications in the 2nd quarter valued at approximately $8,507,000. Bank of Montreal Can lifted its stake in GTT Communications by 27,059.6% in the 2nd quarter. Bank of Montreal Can now owns 226,511 shares of the technology company’s stock valued at $7,169,000 after buying an additional 225,677 shares in the last quarter. Finally, Emerald Advisers Inc. PA lifted its stake in GTT Communications by 19.9% in the 2nd quarter. Emerald Advisers Inc. PA now owns 1,169,966 shares of the technology company’s stock valued at $37,029,000 after buying an additional 194,407 shares in the last quarter. 59.56% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on GTT shares. Zacks Investment Research cut GTT Communications from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub cut GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, Cowen and Company set a $43.00 price target on GTT Communications and gave the company a “buy” rating in a report on Friday, August 4th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. GTT Communications currently has a consensus rating of “Hold” and an average target price of $36.20.
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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