Equities analysts expect that GTT Communications Inc (NYSE:GTT) will report earnings per share (EPS) of ($0.20) for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for GTT Communications’ earnings, with the lowest EPS estimate coming in at ($0.24) and the highest estimate coming in at ($0.11). GTT Communications reported earnings per share of ($0.43) during the same quarter last year, which would suggest a positive year-over-year growth rate of 53.5%. The company is scheduled to report its next quarterly earnings report on Thursday, November 14th.
According to Zacks, analysts expect that GTT Communications will report full year earnings of ($1.38) per share for the current fiscal year, with EPS estimates ranging from ($1.44) to ($1.23). For the next year, analysts expect that the business will post earnings of ($0.23) per share, with EPS estimates ranging from ($0.46) to $0.05. Zacks Investment Research’s earnings per share calculations 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 data on Thursday, August 8th. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.55). GTT Communications had a negative net margin of 7.66% and a negative return on equity of 12.53%. The business had revenue of $433.80 million during the quarter, compared to analysts’ expectations of $447.66 million. During the same quarter in the previous year, the company posted ($2.83) EPS. The company’s revenue was up 32.7% compared to the same quarter last year.
A number of research analysts have recently commented on the company. SunTrust Banks dropped their price objective on GTT Communications from $42.00 to $9.00 and set a “buy” rating on the stock in a report on Friday, August 9th. BTIG Research downgraded GTT Communications from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Craig Hallum downgraded GTT Communications from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Zacks Investment Research downgraded GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Finally, Cowen dropped their price target on GTT Communications from $37.00 to $21.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.31.
Shares of GTT traded down $0.56 during mid-day trading on Thursday, reaching $7.96. The company’s stock had a trading volume of 1,138,259 shares, compared to its average volume of 593,924. GTT Communications has a 12-month low of $4.90 and a 12-month high of $47.20. The firm has a market capitalization of $457.09 million, a PE ratio of -5.01 and a beta of 1.56. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 9.77. The firm’s 50 day moving average price is $13.86.
In other GTT Communications news, insider Richard Calder sold 1,533 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $26.75, for a total transaction of $41,007.75. Following the completion of the sale, the insider now directly owns 1,333,527 shares of the company’s stock, valued at approximately $35,671,847.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Spruce House Partnership Lp acquired 1,050,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were bought at an average cost of $9.14 per share, with a total value of $9,597,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,087,840 shares of company stock valued at $9,866,424 and have sold 23,789 shares valued at $424,266. 40.84% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of GTT. Bank of New York Mellon Corp lifted its holdings in shares of GTT Communications by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 163,080 shares of the technology company’s stock worth $3,859,000 after purchasing an additional 6,265 shares during the period. Geode Capital Management LLC increased its position in shares of GTT Communications by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 391,508 shares of the technology company’s stock worth $9,263,000 after purchasing an additional 29,705 shares in the last quarter. Bank of America Corp DE increased its position in shares of GTT Communications by 8.4% during the fourth quarter. Bank of America Corp DE now owns 162,899 shares of the technology company’s stock worth $3,854,000 after purchasing an additional 12,684 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of GTT Communications by 356.6% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,587 shares of the technology company’s stock worth $321,000 after purchasing an additional 10,611 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of GTT Communications by 1.2% during the fourth quarter. Legal & General Group Plc now owns 60,407 shares of the technology company’s stock worth $1,430,000 after purchasing an additional 708 shares in the last quarter. 86.62% of the stock is owned by institutional investors.
GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.
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