GTT Communications Inc (NYSE:GTT) – Analysts at SunTrust Banks lowered their Q3 2019 earnings estimates for GTT Communications in a report released on Thursday, according to Zacks Investment Research. SunTrust Banks analyst G. Miller now expects that the technology company will earn $0.16 per share for the quarter, down from their prior forecast of $0.26. SunTrust Banks currently has a “Buy” rating and a $60.00 target price on the stock. SunTrust Banks also issued estimates for GTT Communications’ Q4 2019 earnings at $0.26 EPS.
A number of other research firms have also weighed in on GTT. Guggenheim began coverage on GTT Communications in a research note on Tuesday. They issued a “neutral” rating and a $56.00 target price for the company. Zacks Investment Research lowered GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Oppenheimer boosted their target price on GTT Communications from $52.00 to $68.00 in a research note on Tuesday, February 27th. William Blair reissued an “outperform” rating on shares of GTT Communications in a research note on Monday, February 26th. Finally, Craig Hallum reissued a “buy” rating and issued a $60.00 target price (up previously from $50.00) on shares of GTT Communications in a research note on Monday, February 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $56.86.
Shares of GTT Communications (NYSE GTT) traded up $3.40 during mid-day trading on Monday, reaching $60.95. The company’s stock had a trading volume of 728,865 shares, compared to its average volume of 333,419. GTT Communications has a 52-week low of $22.95 and a 52-week high of $62.00. The company has a debt-to-equity ratio of 5.34, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $2,698.47, a price-to-earnings ratio of -35.26, a P/E/G ratio of 49.14 and a beta of 1.10.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealthsource Partners LLC bought a new position in GTT Communications during the 4th quarter valued at approximately $203,000. California Public Employees Retirement System purchased a new position in shares of GTT Communications during the 4th quarter worth approximately $214,000. Xact Kapitalforvaltning AB purchased a new position in shares of GTT Communications during the 4th quarter worth approximately $231,000. Brown Advisory Inc. purchased a new position in shares of GTT Communications during the 4th quarter worth approximately $235,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of 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 during the period. 66.76% of the stock is owned by institutional investors and hedge funds.
In other GTT Communications news, Director Elizabeth Satin purchased 4,000 shares of the stock in a transaction on Thursday, March 1st. The stock was acquired at an average price of $51.22 per share, with a total value of $204,880.00. Following the transaction, the director now directly owns 23,013 shares of the company’s stock, valued at approximately $1,178,725.86. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Richard Calder sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $45.85, for a total value of $275,100.00. The disclosure for this sale can be found here. Corporate insiders own 25.70% of the company’s stock.
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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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