GTT Communications, Inc. (GTT) Given Consensus Recommendation of “Hold” by Analysts
GTT Communications, Inc. (NYSE:GTT) has been assigned a consensus rating of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $36.75.
Several research firms have recently commented on GTT. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday. Cowen and Company set a $43.00 target price on shares of GTT Communications and gave the stock a “buy” rating in a research note on Friday, August 4th. Finally, BidaskClub cut shares of GTT Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th.
In other news, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total value of $223,930.00. Following the completion of the transaction, the general counsel now owns 397,081 shares in the company, valued at approximately $12,702,621.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard Calder sold 10,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $30.38, for a total transaction of $303,800.00. Following the completion of the transaction, the insider now owns 1,149,402 shares of the company’s stock, valued at approximately $34,918,832.76. The disclosure for this sale can be found here. Insiders sold a total of 57,000 shares of company stock valued at $1,774,990 in the last 90 days. Company insiders own 25.70% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of GTT Communications in the 2nd quarter valued at about $270,000. Castleark Management LLC increased its holdings in shares of GTT Communications by 40.1% in the 2nd quarter. Castleark Management LLC now owns 472,769 shares of the technology company’s stock valued at $14,963,000 after purchasing an additional 135,407 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of GTT Communications by 5.8% in the 2nd quarter. California State Teachers Retirement System now owns 54,900 shares of the technology company’s stock valued at $1,738,000 after purchasing an additional 2,990 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of GTT Communications by 17.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,801 shares of the technology company’s stock valued at $721,000 after purchasing an additional 3,309 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of GTT Communications by 19.3% in the 2nd quarter. State Street Corp now owns 556,708 shares of the technology company’s stock valued at $17,618,000 after purchasing an additional 90,185 shares in the last quarter. Institutional investors and hedge funds own 58.94% of the company’s stock.
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GTT Communications (NYSE:GTT) opened at 33.75 on Wednesday. The firm has a 50-day moving average of $31.22 and a 200-day moving average of $30.03. The stock’s market cap is $1.40 billion. GTT Communications has a 12-month low of $20.80 and a 12-month high of $34.20.
GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The firm had revenue of $186.20 million during the quarter, compared to analysts’ expectations of $186.65 million. The business’s quarterly revenue was up 44.5% on a year-over-year basis. Equities analysts predict that GTT Communications will post ($0.43) earnings per share for the current fiscal year.
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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