GTT Communications Inc (NYSE:GTT) – Investment analysts at William Blair reduced their Q3 2018 earnings per share estimates for shares of GTT Communications in a note issued to investors on Wednesday, October 24th. William Blair analyst J. Breen now anticipates that the technology company will post earnings of ($0.02) per share for the quarter, down from their prior estimate of $0.01. William Blair has a “Buy” rating on the stock. William Blair also issued estimates for GTT Communications’ FY2018 earnings at ($0.54) EPS and FY2019 earnings at $0.83 EPS.
A number of other research analysts have also weighed in on the company. ValuEngine lowered GTT Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, October 22nd. Zacks Investment Research lowered GTT Communications from a “hold” rating to a “strong sell” rating in a report on Friday, October 5th. KeyCorp set a $57.00 target price on GTT Communications and gave the company a “buy” rating in a report on Tuesday, August 21st. Raymond James reaffirmed a “buy” rating and set a $53.00 target price on shares of GTT Communications in a report on Monday, August 20th. Finally, BWS Financial assumed coverage on GTT Communications in a report on Monday, August 6th. They set a “sell” rating and a $5.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $51.33.
GTT Communications (NYSE:GTT) last posted its earnings results on Friday, August 3rd. The technology company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.25). The company had revenue of $326.80 million for the quarter, compared to analysts’ expectations of $297.68 million. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The firm’s quarterly revenue was up 71.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 EPS.
In other GTT Communications news, Director H Brian Thompson acquired 20,000 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was bought at an average price of $33.96 per share, with a total value of $679,200.00. Following the completion of the acquisition, the director now owns 600,503 shares of the company’s stock, valued at $20,393,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Spruce House Partnership Lp acquired 426,915 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were acquired at an average cost of $33.73 per share, with a total value of $14,399,842.95. The disclosure for this purchase can be found here. In the last three months, insiders have bought 3,338,392 shares of company stock valued at $129,127,640 and have sold 11,417 shares valued at $491,901. 23.01% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of GTT. PNC Financial Services Group Inc. grew its holdings in shares of GTT Communications by 148.8% during the second quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after purchasing an additional 1,751 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of GTT Communications during the second quarter worth about $213,000. Amalgamated Bank grew its holdings in shares of GTT Communications by 28.8% during the second quarter. Amalgamated Bank now owns 5,340 shares of the technology company’s stock worth $240,000 after purchasing an additional 1,194 shares in the last quarter. Commonwealth Equity Services LLC purchased a new position in shares of GTT Communications during the first quarter worth about $269,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of GTT Communications during the second quarter worth about $275,000. 75.88% of the stock is owned by 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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