Wall Street brokerages predict that GTT Communications Inc (NYSE:GTT) will report sales of $247.75 million for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for GTT Communications’ earnings. The highest sales estimate is $249.30 million and the lowest is $245.72 million. GTT Communications posted sales of $136.50 million during the same quarter last year, which would indicate a positive year over year growth rate of 81.5%. The company is scheduled to report its next earnings results on Wednesday, March 14th.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $247.75 million for the current fiscal year, with estimates ranging from $813.22 million to $816.80 million. For the next financial year, analysts anticipate that the firm will post sales of $1.02 billion per share, with estimates ranging from $1.00 billion to $1.04 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for GTT Communications.
Several equities analysts have weighed in on the company. Zacks Investment Research cut GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Oppenheimer lifted their target price on GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $40.20.
In related news, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $36.34, for a total value of $254,380.00. Following the completion of the sale, the general counsel now owns 391,517 shares of the company’s stock, valued at approximately $14,227,727.78. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $36.33, for a total value of $363,300.00. Following the completion of the sale, the insider now directly owns 1,113,679 shares of the company’s stock, valued at approximately $40,459,958.07. The disclosure for this sale can be found here. In the last three months, insiders purchased 81,000 shares of company stock valued at $63,250 and sold 50,000 shares valued at $1,341,960. Insiders own 25.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its stake in shares of GTT Communications by 2,153.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after buying an additional 3,295 shares in the last quarter. Legal & General Group Plc grew its stake in shares of GTT Communications by 14.1% in the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock valued at $234,000 after buying an additional 907 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of GTT Communications by 52.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock valued at $250,000 after buying an additional 2,726 shares in the last quarter. Laurion Capital Management LP acquired a new stake in GTT Communications in the 2nd quarter worth approximately $266,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in GTT Communications in the 2nd quarter worth approximately $270,000. 65.41% of the stock is owned by institutional investors and hedge funds.
GTT Communications (NYSE:GTT) opened at $43.60 on Friday. 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 has a 12 month low of $22.95 and a 12 month high of $47.75. The firm has a market capitalization of $1,866.40, a PE ratio of 477.22, a price-to-earnings-growth ratio of 19.63 and a beta of 1.48.
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GTT Communications Company Profile
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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