GTT Communications, Inc. (GTT) Expected to Post Quarterly Sales of $197.45 Million
Analysts expect GTT Communications, Inc. (NYSE:GTT) to announce sales of $197.45 million for the current quarter, according to Zacks. Six analysts have made estimates for GTT Communications’ earnings, with the highest sales estimate coming in at $202.20 million and the lowest estimate coming in at $190.40 million. GTT Communications posted sales of $131.85 million during the same quarter last year, which suggests a positive year over year growth rate of 49.8%. The business is scheduled to issue its next quarterly earnings results on Wednesday, November 8th.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $197.45 million for the current financial year, with estimates ranging from $800.30 million to $822.20 million. For the next fiscal year, analysts anticipate that the company will post sales of $1.03 billion per share, with estimates ranging from $990.50 million to $1.06 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow GTT Communications.
GTT Communications (NYSE:GTT) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The business had revenue of $186.20 million for the quarter, compared to the consensus estimate of $186.65 million. GTT Communications’s quarterly revenue was up 44.5% compared to the same quarter last year.
Several equities research analysts recently commented on GTT shares. Zacks Investment Research raised GTT Communications from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, July 17th. Cowen and Company set a $43.00 price target on GTT Communications and gave the company a “buy” rating in a research note on Friday, August 4th. Finally, BidaskClub cut GTT Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $36.20.
GTT Communications (NYSE GTT) traded down 0.61% during trading on Friday, hitting $32.65. 54,722 shares of the stock were exchanged. The stock’s market cap is $1.35 billion. GTT Communications has a 12 month low of $20.80 and a 12 month high of $34.20. The stock’s 50 day moving average price is $31.46 and its 200 day moving average price is $30.07.
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In related news, General Counsel Chris Mckee sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $31.99, for a total value of $223,930.00. Following the completion of the sale, the general counsel now directly owns 397,081 shares in the company, valued at approximately $12,702,621.19. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard E. Janzen sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $30.32, for a total value of $181,920.00. Following the completion of the sale, the director now owns 240,728 shares of the company’s stock, valued at $7,298,872.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,000 shares of company stock valued at $1,774,990. Corporate insiders own 25.70% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its holdings in shares of GTT Communications by 11.9% during the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock worth $123,000 after buying an additional 536 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in shares of GTT Communications by 4.6% during the second quarter. D.A. Davidson & CO. now owns 20,224 shares of the technology company’s stock worth $640,000 after buying an additional 890 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of GTT Communications by 3.1% during the first quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock worth $721,000 after buying an additional 900 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of GTT Communications by 2.1% during the first quarter. Teachers Advisors LLC now owns 43,757 shares of the technology company’s stock worth $1,065,000 after buying an additional 906 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of GTT Communications by 14.1% during the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after buying an additional 907 shares during the last quarter. Institutional investors own 58.94% of the company’s stock.
About GTT Communications
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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