FY2016 Earnings Estimate for GTT Communications Inc. (GTT) Issued By Jefferies Group
GTT Communications Inc. (NYSE:GTT) – Analysts at Jefferies Group raised their FY2016 earnings estimates for shares of GTT Communications in a research report issued to clients and investors on Thursday. Jefferies Group analyst S. Goldman now forecasts that the brokerage will post earnings of $0.26 per share for the year, up from their previous estimate of $0.22. Jefferies Group currently has a “Buy” rating and a $30.00 target price on the stock. Jefferies Group also issued estimates for GTT Communications’ Q4 2016 earnings at $0.10 EPS.
Other research analysts have also issued reports about the stock. Drexel Hamilton set a $28.00 price target on shares of 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 shares of GTT Communications and gave the company a “buy” rating in a research note on Friday, September 23rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. GTT Communications currently 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 50 day moving average price of $22.91 and a 200-day moving average price of $20.28. GTT Communications has a one year low of $12.31 and a one year high of $24.85. The stock has a market cap of $855.55 million, a price-to-earnings ratio of 25.96 and a beta of 1.68.
A number of hedge funds have recently added to or reduced their stakes in the stock. 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 last quarter. 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 last quarter. Prudential Financial Inc. acquired a new stake in GTT Communications during the third quarter worth approximately $206,000. BlackRock Advisors LLC increased its stake 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 worth $234,000 after buying an additional 1,261 shares in the last quarter. Finally, American International Group Inc. increased its stake 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 worth $281,000 after buying an additional 864 shares in the last quarter. Institutional investors own 61.74% of the company’s stock.
In other GTT Communications news, insider Richard Calder sold 10,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $30,211,163.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction dated Monday, October 3rd. The shares were 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 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. 29.86% of the stock is currently owned by company insiders.
About GTT Communications
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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