Zacks: Analysts Expect GTT Communications Inc (GTT) Will Post Earnings of -$0.13 Per Share

Wall Street analysts expect GTT Communications Inc (NYSE:GTT) to report ($0.13) earnings per share (EPS) for the current quarter, Zacks reports. Six analysts have made estimates for GTT Communications’ earnings, with estimates ranging from ($0.15) to ($0.11). GTT Communications reported earnings of ($0.02) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 550%. The firm is expected to issue its next earnings results on Wednesday, March 14th.

According to Zacks, analysts expect that GTT Communications will report full year earnings of ($0.77) per share for the current financial year, with EPS estimates ranging from ($0.77) to ($0.76). For the next year, analysts forecast that the business will post earnings of $0.07 per share, with EPS estimates ranging from ($0.29) to $0.32. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for GTT Communications.

GTT Communications (NYSE:GTT) last released its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.07. GTT Communications had a negative net margin of 3.78% and a positive return on equity of 1.89%.

Several research firms have issued reports on GTT. Zacks Investment Research raised shares of GTT Communications from a “hold” rating to a “strong-buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, January 23rd. Craig Hallum reaffirmed a “buy” rating and set a $50.00 price target (up from $40.00) on shares of GTT Communications in a research note on Monday, January 22nd. Finally, Oppenheimer raised their price target on shares of GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $44.33.

In other news, General Counsel Chris Mckee sold 7,000 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $39.54, for a total transaction of $276,780.00. Following the transaction, the general counsel now directly owns 487,928 shares in the company, valued at approximately $19,292,673.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director S Joseph Bruno sold 1,000 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $40.50, for a total transaction of $40,500.00. Following the transaction, the director now owns 108,467 shares in the company, valued at $4,392,913.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,000 shares of company stock worth $724,280. Insiders own 25.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its holdings in shares of GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after acquiring an additional 3,295 shares during the period. Legal & General Group Plc lifted its holdings in shares of GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after acquiring an additional 907 shares during the period. JPMorgan Chase & Co. raised its holdings in GTT Communications by 52.2% in the third quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock valued at $250,000 after buying an additional 2,726 shares during the period. Laurion Capital Management LP purchased a new position in GTT Communications in the second quarter valued at approximately $266,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in GTT Communications in the second quarter valued at approximately $270,000. Institutional investors and hedge funds own 65.26% of the company’s stock.

GTT Communications (NYSE GTT) traded down $1.25 during trading on Friday, hitting $44.55. 261,812 shares of the company’s stock traded hands, compared to its average volume of 262,615. GTT Communications has a one year low of $22.95 and a one year high of $47.75. The firm has a market cap of $1,940.00, a PE ratio of -79.55, a P/E/G ratio of 17.56 and a beta of 1.06. The company has a debt-to-equity ratio of 4.08, a current ratio of 0.91 and a quick ratio of 0.91.

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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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