GTT Communications Inc (GTT) Expected to Post Earnings of -$0.17 Per Share

Brokerages expect GTT Communications Inc (NYSE:GTT) to post ($0.17) earnings per share (EPS) for the current quarter, according to Zacks. Two analysts have made estimates for GTT Communications’ earnings. GTT Communications reported earnings of $0.02 per share during the same quarter last year, which indicates a negative year over year growth rate of 950%. The company is expected to issue its next quarterly 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 year, with EPS estimates ranging from ($4.79) to $0.01. For the next year, analysts expect that the company will report earnings of $0.33 per share, with EPS estimates ranging from ($1.09) to $1.80. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms 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.

GTT has been the subject of several recent research reports. Raymond James initiated coverage on shares of GTT Communications in a report on Monday, April 30th. They set an “outperform” rating and a $60.00 target price for the company. ValuEngine raised shares of GTT Communications from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. KeyCorp raised shares of GTT Communications from a “sector weight” rating to an “overweight” rating and set a $57.00 target price on the stock in a research report on Friday, May 4th. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 12th. Finally, SunTrust Banks reissued a “buy” rating and issued a $52.00 target price on shares of GTT Communications in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $52.11.

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. GTT Communications has a 12-month low of $28.30 and a 12-month high of $62.32. The company has a market capitalization of $1.90 billion, a PE ratio of 136.67 and a beta of 0.99.

In other news, insider Richard Calder sold 6,000 shares of GTT Communications stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $50.32, for a total transaction of $301,920.00. Following the sale, the insider now owns 1,218,501 shares in the company, valued at $61,314,970.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $50.15, for a total transaction of $351,050.00. Following the sale, the executive vice president now owns 444,938 shares in the company, valued at approximately $22,313,640.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,000 shares of company stock worth $1,955,510. 23.01% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of GTT Communications during the first quarter valued at approximately $123,000. PNC Financial Services Group Inc. raised its stake in shares of GTT Communications by 148.8% during the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock valued at $133,000 after purchasing an additional 1,751 shares during the period. FCG Advisors LLC purchased a new stake in shares of GTT Communications during the first quarter valued at approximately $220,000. Xact Kapitalforvaltning AB purchased a new stake in shares of GTT Communications during the fourth quarter valued at approximately $231,000. Finally, Amalgamated Bank purchased a new stake in shares of GTT Communications during the first quarter valued at approximately $235,000. Institutional investors own 64.56% of the company’s stock.

GTT Communications Company Profile

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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Earnings History and Estimates for GTT Communications (NYSE:GTT)

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