Wall Street brokerages predict that GTT Communications Inc (NYSE:GTT) will report sales of $453.79 million for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for GTT Communications’ earnings. The highest sales estimate is $458.50 million and the lowest is $451.31 million. GTT Communications posted sales of $249.20 million during the same quarter last year, which would indicate a positive year over year growth rate of 82.1%. The company is scheduled to report its next earnings results before the market opens on Thursday, February 28th.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $1.49 billion to $1.50 billion. For the next financial year, analysts anticipate that the firm will post sales of $1.84 billion, with estimates ranging from $1.82 billion to $1.86 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.
GTT Communications (NYSE:GTT) last released its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.18. GTT Communications had a negative return on equity of 13.27% and a negative net margin of 18.67%. The firm had revenue of $448.60 million for the quarter, compared to analyst estimates of $456.19 million. During the same quarter in the previous year, the company posted ($0.23) EPS. The business’s revenue was up 121.4% on a year-over-year basis.
Several brokerages recently commented on GTT. ValuEngine lowered GTT Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 22nd. Zacks Investment Research upgraded GTT Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 8th. Raymond James cut their target price on GTT Communications from $53.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 19th. Oppenheimer cut their target price on GTT Communications to $50.00 and set an “outperform” rating on the stock in a research report on Friday, November 9th. Finally, Cowen restated a “buy” rating and set a $54.00 target price on shares of GTT Communications in a research report on Friday, November 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $46.60.
NYSE GTT opened at $25.75 on Friday. GTT Communications has a 12 month low of $21.68 and a 12 month high of $62.32. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 107.29, a P/E/G ratio of 1.45 and a beta of 1.51. The company has a debt-to-equity ratio of 6.62, a quick ratio of 0.68 and a current ratio of 0.68.
In related news, insider Richard Calder sold 7,545 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $26.32, for a total transaction of $198,584.40. Following the transaction, the insider now directly owns 1,307,788 shares of the company’s stock, valued at approximately $34,420,980.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Spruce House Partnership Lp purchased 450,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 16th. The shares were purchased at an average cost of $24.40 per share, for a total transaction of $10,980,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 1,105,100 shares of company stock worth $29,245,812 and have sold 16,803 shares worth $442,255. 23.01% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of GTT. Vanguard Group Inc raised its stake in GTT Communications by 27.5% during the 3rd quarter. Vanguard Group Inc now owns 3,777,509 shares of the technology company’s stock worth $163,944,000 after buying an additional 814,417 shares during the period. Vanguard Group Inc. raised its stake in shares of GTT Communications by 27.5% in the third quarter. Vanguard Group Inc. now owns 3,777,509 shares of the technology company’s stock worth $163,944,000 after purchasing an additional 814,417 shares during the last quarter. Morgan Stanley raised its stake in shares of GTT Communications by 464.5% in the third quarter. Morgan Stanley now owns 524,911 shares of the technology company’s stock worth $22,780,000 after purchasing an additional 431,926 shares during the last quarter. BlackRock Inc. raised its stake in shares of GTT Communications by 17.2% in the third quarter. BlackRock Inc. now owns 2,701,516 shares of the technology company’s stock worth $117,246,000 after purchasing an additional 396,471 shares during the last quarter. Finally, Phoenician Capital LLC purchased a new stake in shares of GTT Communications in the fourth quarter worth approximately $9,348,000. 84.74% of the stock is currently owned by institutional investors and hedge funds.
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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