GTT Communications Inc (NYSE:GTT) Expected to Post Earnings of -$0.20 Per Share

Brokerages expect GTT Communications Inc (NYSE:GTT) to announce ($0.20) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for GTT Communications’ earnings, with estimates ranging from ($0.24) to ($0.11). GTT Communications reported earnings of ($0.43) per share in the same quarter last year, which suggests a positive year-over-year growth rate of 53.5%. The business is expected to report its next earnings report on Thursday, November 14th.

According to Zacks, analysts expect that GTT Communications will report full-year earnings of ($1.38) per share for the current financial year, with EPS estimates ranging from ($1.44) to ($1.23). For the next fiscal year, analysts forecast that the firm will post earnings of ($0.23) per share, with EPS estimates ranging from ($0.46) to $0.05. Zacks’ earnings per share averages are an average based on a survey of research firms that that provide coverage for GTT Communications.

GTT Communications (NYSE:GTT) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.55). The firm had revenue of $433.80 million during the quarter, compared to the consensus estimate of $447.66 million. GTT Communications had a negative net margin of 7.66% and a negative return on equity of 12.53%. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.83) earnings per share.

GTT has been the subject of several research analyst reports. BTIG Research lowered GTT Communications from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. SunTrust Banks decreased their target price on GTT Communications from $42.00 to $9.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Zacks Investment Research downgraded GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. ValuEngine upgraded GTT Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Raymond James downgraded GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 target price for the company. in a research note on Monday. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.31.

GTT Communications stock traded down $0.56 during midday trading on Thursday, hitting $7.96. The stock had a trading volume of 1,138,259 shares, compared to its average volume of 593,924. The company has a debt-to-equity ratio of 9.77, a quick ratio of 0.60 and a current ratio of 0.60. The company has a market capitalization of $457.09 million, a PE ratio of -5.01 and a beta of 1.56. GTT Communications has a 12 month low of $4.90 and a 12 month high of $47.20. The business’s fifty day moving average is $13.86.

In other GTT Communications news, General Counsel Chris Mckee sold 954 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $26.75, for a total value of $25,519.50. Following the completion of the sale, the general counsel now directly owns 484,545 shares in the company, valued at $12,961,578.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Calder sold 1,160 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $25.87, for a total value of $30,009.20. Following the completion of the sale, the chief executive officer now owns 1,332,367 shares of the company’s stock, valued at $34,468,334.29. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,087,840 shares of company stock valued at $9,866,424 and have sold 23,789 shares valued at $424,266. Insiders own 40.84% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTT. Third Point LLC bought a new position in shares of GTT Communications in the second quarter valued at $53,945,000. Goodnow Investment Group LLC increased its holdings in shares of GTT Communications by 606.6% in the second quarter. Goodnow Investment Group LLC now owns 739,953 shares of the technology company’s stock valued at $13,023,000 after buying an additional 635,233 shares in the last quarter. Cadian Capital Management LP increased its holdings in shares of GTT Communications by 1,632.7% in the second quarter. Cadian Capital Management LP now owns 350,000 shares of the technology company’s stock valued at $6,160,000 after buying an additional 329,800 shares in the last quarter. Phoenician Capital LLC increased its holdings in shares of GTT Communications by 47.5% in the first quarter. Phoenician Capital LLC now owns 582,767 shares of the technology company’s stock valued at $20,222,000 after buying an additional 187,688 shares in the last quarter. Finally, Norges Bank bought a new position in shares of GTT Communications in the fourth quarter valued at $3,954,000. Hedge funds and other institutional investors own 86.62% of the company’s stock.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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