Brokers Issue Forecasts for GTT Communications, Inc.’s Q3 2017 Earnings (NYSE:GTT)
GTT Communications, Inc. (NYSE:GTT) – Research analysts at Jefferies Group decreased their Q3 2017 earnings per share estimates for shares of GTT Communications in a research note issued on Friday. Jefferies Group analyst S. Goldman now forecasts that the technology company will earn $0.01 per share for the quarter, down from their previous estimate of $0.03. Jefferies Group also issued estimates for GTT Communications’ Q4 2017 earnings at $0.06 EPS.
Other analysts have also issued research reports about the company. Cowen and Company set a $43.00 price objective on GTT Communications and gave the stock a “buy” rating in a report on Friday. BidaskClub raised GTT Communications from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Zacks Investment Research raised GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Monday, July 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $35.14.
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GTT Communications (GTT) opened at 31.95 on Monday. GTT Communications has a 52-week low of $19.86 and a 52-week high of $34.20. The firm’s 50-day moving average is $31.40 and its 200-day moving average is $28.73. The firm’s market capitalization is $1.32 billion.
GTT Communications (NYSE:GTT) last released its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.60%. The company had revenue of $186.20 million for the quarter, compared to the consensus estimate of $186.65 million. GTT Communications’s revenue was up 44.5% on a year-over-year basis.
A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake in GTT Communications by 2,153.6% in the second 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. Invictus RG bought a new stake in GTT Communications during the first quarter valued at about $117,000. Nordea Investment Management AB bought a new stake in GTT Communications during the first quarter valued at about $117,000. ClariVest Asset Management LLC bought a new stake in GTT Communications during the first quarter valued at about $117,000. Finally, Fifth Third Bancorp raised its stake in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock valued at $123,000 after buying an additional 536 shares in the last quarter. 57.23% of the stock is owned by institutional investors and hedge funds.
In other GTT Communications news, Director Howard E. Janzen sold 12,000 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $30.00, for a total transaction of $360,000.00. Following the completion of the sale, the director now owns 252,692 shares of the company’s stock, valued at $7,580,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $32.86, for a total value of $328,600.00. Following the sale, the insider now directly owns 1,171,042 shares of the company’s stock, valued at approximately $38,480,440.12. The disclosure for this sale can be found here. Insiders have sold 81,000 shares of company stock valued at $2,526,110 in the last three months. 25.70% of the stock is currently owned by corporate insiders.
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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