GTT Communications Inc (GTT) Receives Average Rating of “Buy” from Analysts

Shares of GTT Communications Inc (NYSE:GTT) have been given a consensus rating of “Buy” by the six ratings firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $46.00.

GTT has been the subject of several research analyst reports. Zacks Investment Research upgraded GTT Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, January 3rd. Oppenheimer increased their price objective on GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. Finally, Craig Hallum reiterated a “buy” rating and issued a $50.00 price objective (up previously from $40.00) on shares of GTT Communications in a research report on Monday, January 22nd.

In other news, insider Mcmullen Family Trust purchased 60,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was acquired at an average price of $0.65 per share, for a total transaction of $39,000.00. Also, Director S Joseph Bruno sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $40.50, for a total value of $40,500.00. Following the completion of the transaction, the director now owns 108,467 shares of the company’s stock, valued at approximately $4,392,913.50. The disclosure for this sale can be found here. Insiders sold 18,000 shares of company stock valued at $712,580 in the last quarter. 25.70% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in GTT. Spruce House Investment Management LLC purchased a new position in shares of GTT Communications in the third quarter valued at $59,723,000. Bamco Inc. NY increased its position in shares of GTT Communications by 68.8% in the third quarter. Bamco Inc. NY now owns 2,278,200 shares of the technology company’s stock valued at $72,105,000 after buying an additional 928,200 shares in the last quarter. Vanguard Group Inc. increased its position in shares of GTT Communications by 11.4% in the second quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock valued at $38,876,000 after buying an additional 126,032 shares in the last quarter. Monarch Partners Asset Management LLC increased its position in shares of GTT Communications by 160.6% in the third quarter. Monarch Partners Asset Management LLC now owns 179,355 shares of the technology company’s stock valued at $5,677,000 after buying an additional 110,525 shares in the last quarter. Finally, State Street Corp increased its position in shares of GTT Communications by 19.3% in the second quarter. State Street Corp now owns 556,708 shares of the technology company’s stock valued at $17,618,000 after buying an additional 90,185 shares in the last quarter. Institutional investors and hedge funds own 64.15% of the company’s stock.

Shares of GTT Communications (NYSE:GTT) opened at $44.60 on Tuesday. GTT Communications has a 52 week low of $22.95 and a 52 week high of $47.75. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 4.08. The company has a market capitalization of $1,898.99, a P/E ratio of -68.62, a PEG ratio of 17.22 and a beta of 1.22.

TRADEMARK VIOLATION WARNING: This piece was originally posted by American Banking News and is owned by of American Banking News. If you are viewing this piece on another domain, it was stolen and republished in violation of United States & international trademark & copyright law. The correct version of this piece can be accessed at https://www.americanbankingnews.com/2018/02/13/gtt-communications-inc-gtt-receives-average-rating-of-buy-from-analysts.html.

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.

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.

Leave a Reply