$252.70 Million in Sales Expected for GTT Communications (GTT) This Quarter

Brokerages forecast that GTT Communications (NYSE:GTT) will post sales of $252.70 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for GTT Communications’ earnings, with the lowest sales estimate coming in at $248.91 million and the highest estimate coming in at $255.40 million. GTT Communications posted sales of $182.40 million in the same quarter last year, which suggests a positive year over year growth rate of 38.5%. The business is expected to report its next quarterly earnings report on Thursday, May 3rd.

According to Zacks, analysts expect that GTT Communications will report full year sales of $1.04 billion for the current financial year, with estimates ranging from $1.03 billion to $1.06 billion. For the next year, analysts expect that the business will post sales of $1.14 billion per share, with estimates ranging from $1.13 billion to $1.15 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow GTT Communications.

GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, March 1st. The technology company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.17. GTT Communications had a negative net margin of 9.21% and a positive return on equity of 2.78%. The company had revenue of $249.20 million during the quarter, compared to the consensus estimate of $247.40 million.



Several equities analysts have issued reports on the stock. Zacks Investment Research downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. SunTrust Banks upped their price objective on shares of GTT Communications to $60.00 and gave the company a “buy” rating in a research note on Friday, March 2nd. Craig Hallum restated a “buy” rating and issued a $50.00 price objective (up previously from $40.00) on shares of GTT Communications in a research note on Monday, January 22nd. William Blair restated a “buy” rating on shares of GTT Communications in a research note on Wednesday, March 28th. Finally, Guggenheim assumed coverage on shares of GTT Communications in a research note on Tuesday, March 13th. They issued a “neutral” rating and a $56.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. GTT Communications currently has an average rating of “Buy” and a consensus target price of $56.86.

In other news, insider Richard Calder sold 6,000 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $60.01, for a total value of $360,060.00. Following the completion of the sale, the insider now directly owns 1,215,263 shares of the company’s stock, valued at $72,927,932.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $45.85, for a total transaction of $320,950.00. The disclosure for this sale can be found here. Insiders sold 26,000 shares of company stock valued at $1,376,110 over the last ninety days. Corporate insiders own 25.70% of the company’s stock.

Several large investors have recently made changes to their positions in GTT. Bank of New York Mellon Corp raised its holdings in shares of GTT Communications by 1.4% in the third quarter. Bank of New York Mellon Corp now owns 330,103 shares of the technology company’s stock valued at $10,448,000 after buying an additional 4,715 shares during the last quarter. American International Group Inc. raised its holdings in shares of GTT Communications by 8.1% in the third quarter. American International Group Inc. now owns 20,768 shares of the technology company’s stock valued at $657,000 after buying an additional 1,552 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of GTT Communications by 79.2% in the third quarter. Nordea Investment Management AB now owns 8,600 shares of the technology company’s stock valued at $272,000 after buying an additional 3,800 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new stake in shares of GTT Communications in the third quarter valued at about $709,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of 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 last quarter. 66.76% of the stock is owned by institutional investors and hedge funds.

NYSE GTT traded down $2.40 during trading hours on Friday, hitting $49.70. The company had a trading volume of 458,661 shares, compared to its average volume of 365,077. The company has a debt-to-equity ratio of 5.34, a current ratio of 1.22 and a quick ratio of 1.22. GTT Communications has a 1-year low of $25.45 and a 1-year high of $62.32. The company has a market capitalization of $2,333.15, a PE ratio of 207.08, a P/E/G ratio of 42.49 and a beta of 1.06.

TRADEMARK VIOLATION NOTICE: “$252.70 Million in Sales Expected for GTT Communications (GTT) This Quarter” was originally reported by Dakota Financial News and is owned by of Dakota Financial News. If you are viewing this news story on another site, it was copied illegally and republished in violation of international trademark & copyright laws. The legal version of this news story can be read at https://dakotafinancialnews.com/2018/04/13/252-70-million-in-sales-expected-for-gtt-communications-gtt-this-quarter.html.

GTT Communications Company Profile

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.

Get a free copy of the Zacks research report on GTT Communications (GTT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for GTT Communications (NYSE:GTT)

Receive News & Ratings for GTT Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply