GTT Communications, Inc. (NYSE:GTT) Lowered to Sell at Zacks Investment Research

GTT Communications, Inc. (NYSE:GTT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, August 8th.

According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “

Several other research firms also recently commented on GTT. Cowen and Company increased their price objective on GTT Communications from $40.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, June 28th. BidaskClub raised GTT Communications from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $35.14.

GTT Communications (NYSE GTT) traded up 1.54% during mid-day trading on Tuesday, reaching $29.75. 277,805 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $30.52 and a 200 day moving average price of $28.86. The company’s market cap is $1.23 billion. GTT Communications has a 52-week low of $20.18 and a 52-week high of $34.20.

GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.05. The company had revenue of $186.20 million during the quarter, compared to the consensus estimate of $186.65 million. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. The business’s revenue was up 44.5% on a year-over-year basis. Equities analysts predict that GTT Communications will post ($0.44) earnings per share for the current fiscal year.

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In other GTT Communications news, General Counsel Chris Mckee sold 7,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $32.85, for a total transaction of $229,950.00. Following the completion of the sale, the general counsel now owns 433,532 shares of the company’s stock, valued at approximately $14,241,526.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $32.84, for a total value of $197,040.00. Following the sale, the director now directly owns 246,692 shares of the company’s stock, valued at approximately $8,101,365.28. The disclosure for this sale can be found here. Insiders have sold a total of 69,000 shares of company stock valued at $2,166,110 in the last ninety days. Insiders own 25.70% of the company’s stock.

Several large investors have recently bought and sold shares of the company. State Street Corp increased its stake in GTT Communications by 10.7% in the fourth quarter. State Street Corp now owns 446,332 shares of the technology company’s stock worth $12,833,000 after buying an additional 42,989 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in GTT Communications during the fourth quarter worth $1,417,000. AQR Capital Management LLC purchased a new stake in GTT Communications during the fourth quarter worth $214,000. Teachers Advisors LLC increased its stake in GTT Communications by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 42,851 shares of the technology company’s stock worth $1,232,000 after buying an additional 949 shares in the last quarter. Finally, Skylands Capital LLC purchased a new stake in GTT Communications during the first quarter worth $665,000. 57.27% of the stock is owned by institutional investors.

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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