Wall Street analysts forecast that GTT Communications Inc (NYSE:GTT) will post $333.98 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for GTT Communications’ earnings. The lowest sales estimate is $333.16 million and the highest is $334.80 million. GTT Communications reported sales of $186.20 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 79.4%. The company is expected to report its next quarterly earnings report on Thursday, November 1st.
According to Zacks, analysts expect that GTT Communications will report full year sales of $1.51 billion for the current year, with estimates ranging from $1.50 billion to $1.52 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.88 billion per share, with estimates ranging from $1.85 billion to $1.91 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover GTT Communications.
GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.25). The business had revenue of $326.80 million during the quarter, compared to analyst estimates of $297.68 million. GTT Communications had a negative return on equity of 0.40% and a negative net margin of 9.96%. GTT Communications’s revenue for the quarter was up 71.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.02 EPS.
A number of equities analysts have commented on the company. ValuEngine lowered GTT Communications from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “strong sell” rating in a research note on Wednesday. SunTrust Banks reissued a “buy” rating and issued a $52.00 price objective on shares of GTT Communications in a research note on Friday, August 3rd. William Blair reissued a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. Finally, Raymond James started coverage on GTT Communications in a research note on Monday, April 30th. They issued an “outperform” rating and a $60.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $52.11.
GTT Communications stock traded down $2.00 on Tuesday, reaching $32.80. The company’s stock had a trading volume of 1,110,402 shares, compared to its average volume of 665,429. The company has a debt-to-equity ratio of 5.96, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $1.90 billion, a P/E ratio of 136.67 and a beta of 0.99. GTT Communications has a twelve month low of $28.30 and a twelve month high of $62.32.
In related news, Director Nicola Adamo acquired 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 16th. The stock was acquired at an average price of $50.67 per share, for a total transaction of $202,680.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Mckee sold 7,000 shares of the company’s stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $50.15, for a total value of $351,050.00. Following the completion of the sale, the executive vice president now owns 444,938 shares of the company’s stock, valued at approximately $22,313,640.70. The disclosure for this sale can be found here. Insiders have sold 40,000 shares of company stock worth $1,955,510 in the last ninety days. 23.01% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ING Groep NV increased its holdings in shares of GTT Communications by 92.4% in the second quarter. ING Groep NV now owns 27,075 shares of the technology company’s stock worth $1,218,000 after acquiring an additional 13,000 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of GTT Communications by 148.8% during the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after buying an additional 1,751 shares in the last quarter. BlackRock Inc. grew its holdings in shares of GTT Communications by 15.8% during the second quarter. BlackRock Inc. now owns 2,305,045 shares of the technology company’s stock worth $103,726,000 after buying an additional 313,812 shares in the last quarter. GAM Holding AG grew its holdings in shares of GTT Communications by 1.2% during the second quarter. GAM Holding AG now owns 133,668 shares of the technology company’s stock worth $6,015,000 after buying an additional 1,600 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of GTT Communications by 9.5% during the second quarter. Swiss National Bank now owns 62,100 shares of the technology company’s stock worth $2,795,000 after buying an additional 5,400 shares in the last quarter. Institutional investors and hedge funds own 64.56% of the company’s stock.
GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.
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