$185.75 Million in Sales Expected for GTT Communications, Inc. (GTT) This Quarter
Equities research analysts expect GTT Communications, Inc. (NYSE:GTT) to report $185.75 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for GTT Communications’ earnings. The highest sales estimate is $186.50 million and the lowest is $184.33 million. GTT Communications reported sales of $128.91 million in the same quarter last year, which would suggest a positive year over year growth rate of 44.1%. The firm is expected to report its next earnings report on Thursday, August 3rd.
According to Zacks, analysts expect that GTT Communications will report full year sales of $185.75 million for the current fiscal year, with estimates ranging from $752.30 million to $754.80 million. For the next fiscal year, analysts anticipate that the company will report sales of $824.80 million per share, with estimates ranging from $815.60 million to $837.80 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow GTT Communications.
GTT Communications (NYSE:GTT) last issued its earnings results on Thursday, May 4th. The technology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.12) by $0.30. The company had revenue of $182.40 million for the quarter, compared to analysts’ expectations of $179.16 million. GTT Communications had a positive return on equity of 4.57% and a negative net margin of 2.15%. The business’s quarterly revenue was up 46.6% on a year-over-year basis.
A number of research firms recently weighed in on GTT. Jefferies Group LLC reiterated a “buy” rating and issued a $36.00 price target (up previously from $30.00) on shares of GTT Communications in a research report on Saturday, March 11th. Zacks Investment Research lowered GTT Communications from a “buy” rating to a “hold” rating in a research report on Friday, March 10th. Cowen and Company reiterated an “outperform” rating and issued a $36.00 price target (down previously from $37.00) on shares of GTT Communications in a research report on Saturday, March 11th. Finally, BidaskClub raised GTT Communications from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. GTT Communications has an average rating of “Buy” and an average target price of $34.86.
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In related news, Director Howard E. Janzen sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $30.00, for a total value of $360,000.00. Following the transaction, the director now directly owns 252,692 shares of the company’s stock, valued at approximately $7,580,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $27.87, for a total value of $278,700.00. Following the completion of the transaction, the insider now directly owns 1,190,753 shares in the company, valued at $33,186,286.11. The disclosure for this sale can be found here. Insiders have sold a total of 75,000 shares of company stock valued at $2,301,590 over the last ninety days. Company insiders own 25.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its position in shares of GTT Communications by 37.1% in the first quarter. Ameriprise Financial Inc. now owns 41,503 shares of the technology company’s stock worth $1,011,000 after buying an additional 11,228 shares during the last quarter. Sei Investments Co. increased its position in shares of GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock worth $135,000 after buying an additional 2,664 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of GTT Communications by 106.4% in the first quarter. Bank of New York Mellon Corp now owns 305,442 shares of the technology company’s stock worth $7,438,000 after buying an additional 157,440 shares during the last quarter. First Trust Advisors LP increased its position in shares of GTT Communications by 7.2% in the first quarter. First Trust Advisors LP now owns 85,521 shares of the technology company’s stock worth $2,082,000 after buying an additional 5,731 shares during the last quarter. Finally, ING Groep NV bought a new position in shares of GTT Communications during the first quarter worth $526,000. 55.95% of the stock is currently owned by institutional investors and hedge funds.
GTT Communications (GTT) traded up 1.63% during midday trading on Friday, hitting $31.20. 24,764 shares of the company traded hands. The stock’s market cap is $1.29 billion. GTT Communications has a 12-month low of $17.55 and a 12-month high of $34.20. The stock has a 50 day moving average of $31.59 and a 200 day moving average of $28.31.
About GTT Communications
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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