Wall Street brokerages forecast that GTT Communications Inc (NYSE:GTT) will report ($0.45) earnings per share (EPS) for the current quarter, according to Zacks. Six analysts have made estimates for GTT Communications’ earnings. The lowest EPS estimate is ($0.74) and the highest is $0.01. GTT Communications reported earnings of $0.04 per share in the same quarter last year, which indicates a negative year over year growth rate of 1,225%. The firm is expected to report its next earnings results on Thursday, November 1st.
According to Zacks, analysts expect that GTT Communications will report full-year earnings of ($4.33) per share for the current fiscal year, with EPS estimates ranging from ($4.79) to ($3.43). For the next financial year, analysts expect that the company will post earnings of $0.29 per share, with EPS estimates ranging from ($1.09) to $1.53. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that follow GTT Communications.
GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Friday, August 3rd. The technology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.25). The company had revenue of $326.80 million for the quarter, compared to analysts’ expectations of $297.68 million. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The firm’s revenue for the quarter was up 71.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share.
GTT has been the topic of a number of research reports. BWS Financial initiated coverage on shares of GTT Communications in a report on Monday, August 6th. They set a “sell” rating and a $5.00 target price on the stock. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 25th. Raymond James restated a “buy” rating and set a $53.00 target price on shares of GTT Communications in a report on Monday, August 20th. William Blair restated a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. Finally, KeyCorp set a $57.00 target price on shares of GTT Communications and gave the company a “buy” rating in a report on Tuesday, August 21st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. GTT Communications presently has a consensus rating of “Buy” and a consensus target price of $51.33.
Shares of GTT stock traded up $0.12 during mid-day trading on Friday, reaching $36.71. 645,354 shares of the company’s stock traded hands, compared to its average volume of 482,668. GTT Communications has a 12 month low of $32.15 and a 12 month high of $62.32. The stock has a market cap of $2.37 billion, a PE ratio of 152.96 and a beta of 0.80. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 6.29.
In other news, CEO Richard Calder sold 6,000 shares of the business’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $46.11, for a total transaction of $276,660.00. Following the sale, the chief executive officer now owns 1,231,189 shares in the company, valued at approximately $56,770,124.79. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Spruce House Partnership Lp bought 105,000 shares of the company’s stock in a transaction dated Tuesday, October 2nd. The shares were acquired at an average price of $44.10 per share, for a total transaction of $4,630,500.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 2,487,292 shares of company stock worth $100,710,575 and have sold 24,417 shares worth $1,091,261. Insiders own 23.01% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Amalgamated Bank boosted its stake in GTT Communications by 28.8% in the 2nd quarter. Amalgamated Bank now owns 5,340 shares of the technology company’s stock worth $240,000 after purchasing an additional 1,194 shares in the last quarter. GAM Holding AG boosted its stake in GTT Communications by 1.2% in the 2nd quarter. GAM Holding AG now owns 133,668 shares of the technology company’s stock worth $6,015,000 after purchasing an additional 1,600 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in GTT Communications by 148.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after purchasing an additional 1,751 shares in the last quarter. SG Americas Securities LLC bought a new position in GTT Communications in the 1st quarter worth about $123,000. Finally, TD Asset Management Inc. boosted its stake in GTT Communications by 13.9% in the 2nd quarter. TD Asset Management Inc. now owns 19,700 shares of the technology company’s stock worth $887,000 after purchasing an additional 2,400 shares in the last quarter. Institutional investors own 75.97% of the company’s stock.
About GTT Communications
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.
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