Zacks: Analysts Expect GTT Communications Inc (GTT) Will Announce Earnings of -$0.14 Per Share

Equities analysts expect that GTT Communications Inc (NYSE:GTT) will report earnings per share (EPS) of ($0.14) for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for GTT Communications’ earnings, with the lowest EPS estimate coming in at ($0.36) and the highest estimate coming in at $0.10. GTT Communications reported earnings per share of $0.04 during the same quarter last year, which would suggest a negative year-over-year growth rate of 450%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, February 28th.

According to Zacks, analysts expect that GTT Communications will report full year earnings of ($4.15) per share for the current fiscal year, with EPS estimates ranging from ($4.32) to ($3.92). For the next year, analysts expect that the business will post earnings of $0.51 per share, with EPS estimates ranging from $0.04 to $1.35. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for GTT Communications.

A number of equities analysts have recently weighed in on GTT shares. ValuEngine cut GTT Communications from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 2nd. Zacks Investment Research upgraded GTT Communications from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Tuesday, January 8th. Cowen reiterated a “buy” rating and set a $54.00 price target on shares of GTT Communications in a report on Friday, November 9th. Oppenheimer lowered their price target on GTT Communications to $50.00 and set an “outperform” rating for the company in a report on Friday, November 9th. Finally, Raymond James lowered their price target on GTT Communications from $53.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, December 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $46.60.

Shares of NYSE GTT traded up $2.95 during mid-day trading on Wednesday, reaching $29.61. 500,485 shares of the company’s stock were exchanged, compared to its average volume of 519,596. The stock has a market cap of $1.49 billion, a PE ratio of 123.38, a P/E/G ratio of 1.45 and a beta of 1.51. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 6.62. GTT Communications has a 52-week low of $21.68 and a 52-week high of $62.32.

In other news, Director H Brian Thompson bought 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The shares were purchased at an average price of $32.71 per share, with a total value of $39,252.00. Following the purchase, the director now owns 601,403 shares in the company, valued at $19,671,892.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Spruce House Partnership Lp bought 450,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 16th. The shares were purchased at an average cost of $24.40 per share, for a total transaction of $10,980,000.00. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,104,200 shares of company stock worth $29,216,382 and have sold 16,803 shares worth $442,255. 23.01% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL raised its position in GTT Communications by 2.6% in the 4th quarter. Virginia Retirement Systems ET AL now owns 15,500 shares of the technology company’s stock valued at $367,000 after purchasing an additional 400 shares in the last quarter. D.A. Davidson & CO. raised its position in GTT Communications by 3.4% in the 4th quarter. D.A. Davidson & CO. now owns 21,553 shares of the technology company’s stock valued at $510,000 after purchasing an additional 700 shares in the last quarter. PNC Financial Services Group Inc. raised its position in GTT Communications by 16.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,582 shares of the technology company’s stock valued at $179,000 after purchasing an additional 1,044 shares in the last quarter. Parallel Advisors LLC acquired a new stake in GTT Communications in the 3rd quarter valued at about $100,000. Finally, Elk Creek Partners LLC raised its position in GTT Communications by 0.8% in the 4th quarter. Elk Creek Partners LLC now owns 283,967 shares of the technology company’s stock valued at $6,719,000 after purchasing an additional 2,379 shares in the last quarter. 84.74% of the stock is currently owned by hedge funds and other institutional investors.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.

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