Jefferies Group Analysts Reduce Earnings Estimates for GTT Communications, Inc. (GTT)
GTT Communications, Inc. (NYSE:GTT) – Stock analysts at Jefferies Group reduced their Q3 2017 earnings per share (EPS) estimates for GTT Communications in a report issued on Wednesday. Jefferies Group analyst S. Goldman now expects that the technology company will earn ($0.17) per share for the quarter, down from their previous forecast of $0.01. Jefferies Group also issued estimates for GTT Communications’ Q4 2017 earnings at ($0.04) EPS and FY2018 earnings at $0.37 EPS.
Other equities research analysts have also issued research reports about the company. BidaskClub lowered GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research lowered GTT Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Cowen and Company set a $43.00 price objective on GTT Communications and gave the stock a “buy” rating in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $36.20.
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Shares of GTT Communications (NYSE GTT) opened at 35.30 on Friday. GTT Communications has a 1-year low of $20.80 and a 1-year high of $35.35. The company’s market cap is $1.46 billion. The firm’s 50-day moving average is $32.18 and its 200-day moving average is $30.71.
GTT Communications (NYSE:GTT) last released its earnings results on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, topping 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 4.17%. The company had revenue of $186.20 million for the quarter, compared to analysts’ expectations of $186.65 million. The business’s revenue was up 44.5% on a year-over-year basis.
In other news, insider Richard Calder sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $30.38, for a total transaction of $303,800.00. Following the transaction, the insider now owns 1,149,402 shares in the company, valued at approximately $34,918,832.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Howard E. Janzen sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $30.32, for a total value of $181,920.00. Following the transaction, the director now owns 240,728 shares in the company, valued at approximately $7,298,872.96. The disclosure for this sale can be found here. Insiders have sold a total of 57,000 shares of company stock worth $1,774,990 in the last quarter. Insiders own 25.70% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of GTT Communications by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,632,321 shares of the technology company’s stock valued at $51,664,000 after buying an additional 26,129 shares in the last quarter. Bamco Inc. NY purchased a new position in shares of GTT Communications during the 2nd quarter valued at approximately $42,727,000. Vanguard Group Inc. lifted its position in shares of GTT Communications by 11.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock valued at $38,876,000 after buying an additional 126,032 shares in the last quarter. Emerald Advisers Inc. PA lifted its position in shares of GTT Communications by 19.9% during the 2nd quarter. Emerald Advisers Inc. PA now owns 1,169,966 shares of the technology company’s stock valued at $37,029,000 after buying an additional 194,407 shares in the last quarter. Finally, Pembroke Management LTD lifted its position in shares of GTT Communications by 9.4% during the 2nd quarter. Pembroke Management LTD now owns 992,876 shares of the technology company’s stock valued at $31,424,000 after buying an additional 85,000 shares in the last quarter. Hedge funds and other institutional investors own 59.26% of the company’s stock.
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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