Wall Street analysts forecast that GTT Communications Inc (NYSE:GTT) will report earnings of ($0.13) per share for the current quarter, Zacks reports. Six analysts have made estimates for GTT Communications’ earnings, with the lowest EPS estimate coming in at ($0.15) and the highest estimate coming in at ($0.11). GTT Communications posted earnings per share of ($0.02) in the same quarter last year, which would indicate a negative year over year growth rate of 550%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, March 1st.
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 financial year, analysts forecast that the company will report earnings of $0.07 per share, with EPS estimates ranging from ($0.29) to $0.32. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that cover GTT Communications.
Several equities analysts recently issued reports on GTT shares. Craig Hallum reiterated a “buy” rating and set a $50.00 price target (up previously from $40.00) on shares of GTT Communications in a research report on Monday, January 22nd. Zacks Investment Research upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a report on Wednesday, January 3rd. Finally, Oppenheimer upped their price objective on shares of GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $46.00.
In other GTT Communications news, insider Mcmullen Family Trust acquired 60,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were acquired at an average price of $0.65 per share, for a total transaction of $39,000.00. Also, Director S Joseph Bruno sold 1,000 shares of the company’s 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 completion of the sale, the director now owns 108,467 shares in the company, valued at approximately $4,392,913.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,000 shares of company stock worth $712,580. Corporate insiders own 25.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in GTT. Wealthsource Partners LLC purchased a new stake in GTT Communications in the fourth quarter worth about $203,000. California Public Employees Retirement System purchased a new stake in GTT Communications in the fourth quarter worth about $214,000. Brown Advisory Inc. bought a new position in shares of GTT Communications in the fourth quarter worth approximately $235,000. JPMorgan Chase & Co. lifted its stake 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 worth $250,000 after buying an additional 2,726 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of GTT Communications in the second quarter worth approximately $270,000. Institutional investors and hedge funds own 64.60% of the company’s stock.
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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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