Insider Buying: GTT Communications Inc (NYSE:GTT) Director Purchases 5,100 Shares of Stock

GTT Communications Inc (NYSE:GTT) Director Julius W. Erving II acquired 5,100 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $9.82 per share, with a total value of $50,082.00. Following the transaction, the director now owns 25,502 shares in the company, valued at $250,429.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Shares of GTT stock traded up $0.33 during mid-day trading on Friday, reaching $8.13. 37,394 shares of the company’s stock traded hands, compared to its average volume of 452,020. GTT Communications Inc has a 12 month low of $4.90 and a 12 month high of $43.35. The firm has a 50 day moving average price of $7.92 and a two-hundred day moving average price of $16.61. The company has a debt-to-equity ratio of 9.85, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market capitalization of $441.31 million, a PE ratio of -5.11 and a beta of 1.51.

GTT Communications (NYSE:GTT) last released its 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). GTT Communications had a negative net margin of 7.66% and a negative return on equity of 13.01%. The firm had revenue of $433.80 million for the quarter, compared to analysts’ expectations of $447.66 million. During the same quarter last year, the firm posted ($2.83) EPS. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. As a group, equities analysts expect that GTT Communications Inc will post -1.33 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Financial Mangement LLC lifted its stake in shares of GTT Communications by 2.3% during the 2nd quarter. Boston Financial Mangement LLC now owns 181,243 shares of the technology company’s stock valued at $3,190,000 after buying an additional 3,994 shares in the last quarter. Macquarie Group Ltd. lifted its stake in shares of GTT Communications by 68.3% during the 2nd quarter. Macquarie Group Ltd. now owns 10,600 shares of the technology company’s stock valued at $186,000 after buying an additional 4,300 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of GTT Communications by 28.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,679 shares of the technology company’s stock valued at $382,000 after buying an additional 4,752 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of GTT Communications by 42.6% during the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock valued at $295,000 after buying an additional 5,000 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of GTT Communications by 15.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 54,870 shares of the technology company’s stock valued at $966,000 after buying an additional 7,539 shares in the last quarter. Institutional investors own 84.13% of the company’s stock.

A number of equities research analysts have recently issued reports on GTT shares. Craig Hallum downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Cowen cut their price objective on shares of GTT Communications from $37.00 to $21.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Zacks Investment Research downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, October 9th. SunTrust Banks cut their price objective 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. Finally, Oppenheimer cut their price objective on shares of GTT Communications from $42.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. GTT Communications has a consensus rating of “Hold” and an average price target of $29.31.

About GTT Communications

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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Insider Buying and Selling by Quarter for GTT Communications (NYSE:GTT)

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