Lyon Street Capital LLC lifted its holdings in GTT Communications, Inc. (NYSE:GTT) by 9.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 308,255 shares of the technology company’s stock after acquiring an additional 25,944 shares during the period. GTT Communications makes up 3.8% of Lyon Street Capital LLC’s portfolio, making the stock its 3rd biggest position. Lyon Street Capital LLC owned about 0.71% of GTT Communications worth $9,756,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its holdings in GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after purchasing an additional 3,295 shares in the last quarter. Airain ltd acquired a new position in GTT Communications during the 2nd quarter worth $216,000. Legal & General Group Plc grew its holdings in GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after acquiring an additional 907 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in GTT Communications by 52.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after acquiring an additional 2,726 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in GTT Communications during the 2nd quarter worth $266,000. 65.42% of the stock is owned by institutional investors.
In related news, Director S Joseph Bruno sold 1,000 shares of GTT Communications stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $40.50, for a total value of $40,500.00. Following the sale, the director now directly owns 108,467 shares in the company, valued at approximately $4,392,913.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total transaction of $223,930.00. Following the completion of the sale, the general counsel now owns 397,081 shares in the company, valued at $12,702,621.19. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 94,100 shares of company stock worth $89,319 and sold 163,900 shares worth $2,101,966. Company insiders own 25.70% of the company’s stock.
Separately, Zacks Investment Research downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. GTT Communications has a consensus rating of “Buy” and an average price target of $36.20.
GTT Communications, Inc. (NYSE GTT) traded up $1.20 during trading on Wednesday, hitting $40.55. 355,400 shares of the stock were exchanged, compared to its average volume of 271,032. The company has a debt-to-equity ratio of 4.08, a quick ratio of 0.91 and a current ratio of 0.91. GTT Communications, Inc. has a one year low of $22.95 and a one year high of $41.00. The company has a market cap of $1,709.96, a P/E ratio of 437.22 and a beta of 1.48.
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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