FY2019 Earnings Estimate for GTT Communications, Inc. (GTT) Issued By SunTrust Banks
GTT Communications, Inc. (NYSE:GTT) – Equities researchers at SunTrust Banks issued their FY2019 earnings estimates for GTT Communications in a research report issued to clients and investors on Wednesday. SunTrust Banks analyst G. Miller forecasts that the technology company will post earnings of $1.01 per share for the year.
Separately, Zacks Investment Research downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $36.20.
In other GTT Communications news, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total transaction of $223,930.00. Following the completion of the transaction, the general counsel now directly owns 397,081 shares in the company, valued at approximately $12,702,621.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director S Joseph Bruno sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $40.50, for a total transaction of $40,500.00. Following the transaction, the director now owns 108,467 shares of the company’s stock, valued at $4,392,913.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 81,000 shares of company stock valued at $63,250 and have sold 147,000 shares valued at $2,067,490. Company insiders own 25.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA boosted its stake in shares of GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after purchasing an additional 3,295 shares during the last quarter. Airain ltd acquired a new stake in shares of GTT Communications during the 2nd quarter worth about $216,000. Legal & General Group Plc boosted its stake in shares of GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after purchasing an additional 907 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of GTT Communications by 52.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,726 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new stake in shares of GTT Communications during the 2nd quarter worth about $266,000. 65.42% of the stock is currently owned by institutional investors.
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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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