Brokerages forecast that GTT Communications Inc (NYSE:GTT) will report sales of $333.98 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided 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 firm is expected to issue its next quarterly earnings results 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 financial year, analysts expect that the business will report sales of $1.88 billion per share, with estimates ranging from $1.85 billion to $1.91 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow GTT Communications.
GTT Communications (NYSE:GTT) last released its quarterly earnings results on Friday, August 3rd. The technology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.25). GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The firm had revenue of $326.80 million for the quarter, compared to analysts’ expectations of $297.68 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. The company’s quarterly revenue was up 71.9% on a year-over-year basis.
A number of research firms recently issued reports on GTT. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 8th. ValuEngine lowered GTT Communications from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 8th. BWS Financial began coverage on GTT Communications in a report on Monday, August 6th. They issued a “sell” rating and a $5.00 target price for the company. William Blair reiterated a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. Finally, Raymond James reiterated a “buy” rating and issued a $53.00 target price on shares of GTT Communications in a report on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $51.33.
In related news, major shareholder Spruce House Partnership Lp bought 328,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was purchased at an average cost of $43.10 per share, for a total transaction of $14,136,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Calder sold 6,000 shares of GTT Communications stock in a transaction on Monday, July 16th. The shares were sold at an average price of $46.11, for a total value of $276,660.00. Following the completion of the transaction, the chief executive officer now owns 1,231,189 shares of the company’s stock, valued at $56,770,124.79. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 1,994,359 shares of company stock valued at $78,968,350 and sold 17,417 shares valued at $776,261. Company insiders own 23.01% of the company’s stock.
A number of institutional investors have recently bought and sold shares of GTT. Wells Fargo & Company MN raised its stake in GTT Communications by 255.2% in the first quarter. Wells Fargo & Company MN now owns 292,222 shares of the technology company’s stock valued at $16,570,000 after buying an additional 209,961 shares in the last quarter. SG Americas Securities LLC acquired a new stake in GTT Communications in the first quarter valued at $123,000. Swiss National Bank raised its stake in GTT Communications by 7.2% in the first quarter. Swiss National Bank now owns 56,700 shares of the technology company’s stock valued at $3,215,000 after buying an additional 3,800 shares in the last quarter. Eaton Vance Management acquired a new stake in GTT Communications in the first quarter valued at $749,000. Finally, Schwab Charles Investment Management Inc. raised its stake in GTT Communications by 6.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 161,992 shares of the technology company’s stock valued at $9,185,000 after buying an additional 9,326 shares in the last quarter. Institutional investors own 76.10% of the company’s stock.
Shares of GTT traded down $1.45 during midday trading on Monday, hitting $41.50. 437,100 shares of the stock were exchanged, compared to its average volume of 465,569. The firm has a market cap of $2.37 billion, a P/E ratio of 174.88 and a beta of 0.91. GTT Communications has a 52-week low of $30.65 and a 52-week high of $62.32. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 6.29.
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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