Equities research analysts predict that GTT Communications Inc (NYSE:GTT) will post ($0.17) earnings per share (EPS) for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for GTT Communications’ earnings. GTT Communications posted earnings per share of $0.02 in the same quarter last year, which would suggest a negative year-over-year growth rate of 950%. The company is expected to report its next earnings report on Thursday, November 1st.
According to Zacks, analysts expect that GTT Communications will report full year earnings of ($3.73) per share for the current fiscal year, with EPS estimates ranging from ($4.79) to $0.01. For the next financial year, analysts forecast that the business will report earnings of $0.33 per share, with EPS estimates ranging from ($1.09) to $1.80. Zacks’ earnings per share calculations are an average based on a survey of analysts that that provide coverage for GTT Communications.
GTT Communications (NYSE:GTT) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $297.68 million. GTT Communications had a negative net margin of 9.96% and a negative return on equity of 0.40%. The business’s revenue for the quarter was up 71.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS.
A number of equities research analysts recently commented on the stock. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 25th. BWS Financial assumed coverage on shares of GTT Communications in a research note on Monday, August 6th. They issued a “sell” rating and a $5.00 price objective on the stock. KeyCorp raised shares of GTT Communications from a “sector weight” rating to an “overweight” rating and set a $57.00 price objective on the stock in a research note on Friday, May 4th. Raymond James assumed coverage on shares of GTT Communications in a research note on Monday, April 30th. They issued an “outperform” rating and a $60.00 price objective on the stock. Finally, William Blair reissued a “buy” rating on shares of GTT Communications in a research note on Monday, August 6th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. GTT Communications has an average rating of “Buy” and an average target price of $52.11.
In other GTT Communications news, Director S Joseph Bruno sold 1,000 shares of the firm’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $49.85, for a total transaction of $49,850.00. Following the sale, the director now directly owns 106,847 shares of the company’s stock, valued at approximately $5,326,322.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nicola Adamo purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, May 16th. The shares were purchased at an average cost of $50.67 per share, for a total transaction of $202,680.00. The disclosure for this purchase can be found here. Over the last three months, insiders sold 40,000 shares of company stock worth $1,955,510. 23.01% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of GTT Communications by 15.8% during the 2nd quarter. BlackRock Inc. now owns 2,305,045 shares of the technology company’s stock worth $103,726,000 after purchasing an additional 313,812 shares during the last quarter. Eventide Asset Management LLC boosted its stake in shares of GTT Communications by 943.9% during the 1st quarter. Eventide Asset Management LLC now owns 441,000 shares of the technology company’s stock worth $25,005,000 after purchasing an additional 398,754 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of GTT Communications by 48.6% during the 2nd quarter. Wells Fargo & Company MN now owns 434,142 shares of the technology company’s stock worth $19,536,000 after purchasing an additional 141,920 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of GTT Communications by 19.3% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 370,507 shares of the technology company’s stock worth $16,673,000 after purchasing an additional 60,000 shares during the last quarter. Finally, Zweig DiMenna Associates LLC boosted its stake in shares of GTT Communications by 3.8% during the 2nd quarter. Zweig DiMenna Associates LLC now owns 316,185 shares of the technology company’s stock worth $14,228,000 after purchasing an additional 11,441 shares during the last quarter. 64.56% of the stock is currently owned by institutional investors.
Shares of GTT Communications traded down $2.00, reaching $32.80, during trading hours on Friday, according to MarketBeat Ratings. The company had a trading volume of 1,110,402 shares, compared to its average volume of 665,429. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 5.96. The company has a market capitalization of $1.90 billion, a PE ratio of 136.67 and a beta of 0.99. GTT Communications has a 12-month low of $28.30 and a 12-month high of $62.32.
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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