William Blair Equities Analysts Lift Earnings Estimates for GTT Communications Inc. (GTT)
GTT Communications Inc. (NYSE:GTT) – Analysts at William Blair lifted their FY2016 EPS estimates for GTT Communications in a note issued to investors on Thursday. William Blair analyst J. Breen now anticipates that the brokerage will earn $0.30 per share for the year, up from their prior estimate of $0.26.
A number of other research analysts have also recently commented on the company. Drexel Hamilton set a $28.00 price target on GTT Communications and gave the company a “buy” rating in a research note on Wednesday, September 28th. Pacific Crest set a $37.00 price target on GTT Communications and gave the company a “buy” rating in a research note on Friday, September 23rd. Finally, Jefferies Group reiterated a “buy” rating and issued a $30.00 price target (up from $28.00) on shares of GTT Communications in a research note on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. GTT Communications presently has a consensus rating of “Buy” and an average price target of $32.14.
Shares of GTT Communications (NYSE:GTT) opened at 23.00 on Monday. The company has a market capitalization of $854.50 million, a price-to-earnings ratio of 25.96 and a beta of 1.68. GTT Communications has a one year low of $12.31 and a one year high of $24.85. The stock has a 50 day moving average price of $22.92 and a 200-day moving average price of $20.17.
A number of hedge funds and other institutional investors have recently made changes to their positions in GTT. BlackRock Group LTD raised its position in shares of GTT Communications by 7.1% in the third quarter. BlackRock Group LTD now owns 6,901 shares of the company’s stock valued at $163,000 after buying an additional 459 shares in the last quarter. Fifth Third Bancorp raised its position in shares of GTT Communications by 68.9% in the second quarter. Fifth Third Bancorp now owns 7,132 shares of the company’s stock valued at $132,000 after buying an additional 2,909 shares in the last quarter. Prudential Financial Inc. bought a new position in shares of GTT Communications during the third quarter valued at about $206,000. BlackRock Advisors LLC raised its position in shares of GTT Communications by 11.1% in the second quarter. BlackRock Advisors LLC now owns 12,667 shares of the company’s stock valued at $234,000 after buying an additional 1,261 shares in the last quarter. Finally, American International Group Inc. raised its position in shares of GTT Communications by 6.0% in the second quarter. American International Group Inc. now owns 15,184 shares of the company’s stock valued at $281,000 after buying an additional 864 shares in the last quarter. 61.74% of the stock is owned by institutional investors and hedge funds.
In related news, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $21.65, for a total transaction of $151,550.00. Following the completion of the transaction, the general counsel now directly owns 442,178 shares of the company’s stock, valued at approximately $9,573,153.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $21.23, for a total value of $212,300.00. Following the transaction, the insider now directly owns 1,323,890 shares of the company’s stock, valued at $28,106,184.70. The disclosure for this sale can be found here. 29.86% of the stock is owned by insiders.
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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