FY2017 Earnings Forecast for GTT Communications Inc. (GTT) Issued By Jefferies Group
GTT Communications Inc. (NYSE:GTT) – Equities researchers at Jefferies Group decreased their FY2017 earnings estimates for GTT Communications in a report released on Thursday. Jefferies Group analyst S. Goldman now expects that the brokerage will post earnings per share of $0.46 for the year, down from their previous forecast of $0.59. Jefferies Group has a “Buy” rating and a $30.00 price objective on the stock.
Several other equities analysts have also issued reports on GTT. Pacific Crest set a $37.00 target price on shares of GTT Communications and gave the company a “buy” rating in a report on Friday, September 23rd. Drexel Hamilton set a $28.00 target price on shares of GTT Communications and gave the company a “buy” rating in a report on Wednesday, September 28th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.14.
Shares of GTT Communications (NYSE:GTT) opened at 23.00 on Friday. The stock has a market cap of $854.50 million, a P/E ratio of 25.96 and a beta of 1.68. The firm’s 50 day moving average price is $22.92 and its 200 day moving average price is $20.17. GTT Communications has a 52-week low of $12.31 and a 52-week high of $24.85.
A number of large investors have recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in GTT Communications by 68.9% in the second quarter. Fifth Third Bancorp now owns 7,132 shares of the company’s stock worth $132,000 after buying an additional 2,909 shares during the period. BlackRock Group LTD increased its stake in GTT Communications by 7.1% in the third quarter. BlackRock Group LTD now owns 6,901 shares of the company’s stock worth $163,000 after buying an additional 459 shares during the period. Prudential Financial Inc. bought a new stake in GTT Communications during the third quarter worth approximately $206,000. BlackRock Advisors LLC increased its stake in GTT Communications by 11.1% in the second quarter. BlackRock Advisors LLC now owns 12,667 shares of the company’s stock worth $234,000 after buying an additional 1,261 shares during the period. Finally, American International Group Inc. increased its stake in GTT Communications by 6.0% in the second quarter. American International Group Inc. now owns 15,184 shares of the company’s stock worth $281,000 after buying an additional 864 shares during the period. 61.96% of the stock is owned by institutional investors and hedge funds.
In other GTT Communications news, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $23.24, for a total value of $232,400.00. Following the completion of the sale, the insider now owns 1,299,964 shares of the company’s stock, valued at approximately $30,211,163.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $23.23, for a total transaction of $162,610.00. Following the completion of the sale, the general counsel now directly owns 448,816 shares of the company’s stock, valued at approximately $10,425,995.68. The disclosure for this sale can be found here. Corporate insiders own 29.86% of the company’s stock.
GTT Communications Company Profile
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.
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