$265.44 Million in Sales Expected for GTT Communications (GTT) This Quarter

Wall Street analysts expect GTT Communications (NYSE:GTT) to announce $265.44 million in sales for the current quarter, Zacks reports. Six analysts have provided estimates for GTT Communications’ earnings. The lowest sales estimate is $263.29 million and the highest is $266.70 million. GTT Communications reported sales of $186.20 million in the same quarter last year, which indicates a positive year-over-year growth rate of 42.6%. The business is expected to announce its next earnings report on Thursday, August 2nd.

On average, analysts expect that GTT Communications will report full year sales of $1.49 billion for the current financial year, with estimates ranging from $1.47 billion to $1.51 billion. For the next fiscal year, analysts expect that the company will report sales of $1.96 billion per share, with estimates ranging from $1.92 billion to $2.01 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for GTT Communications.

GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, May 3rd. The technology company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.67). The company had revenue of $260.70 million for the quarter, compared to analysts’ expectations of $253.61 million. GTT Communications had a negative return on equity of 0.40% and a negative net margin of 9.96%. The company’s revenue for the quarter was up 40.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.42) EPS.

GTT has been the subject of several recent analyst reports. William Blair restated an “outperform” rating on shares of GTT Communications in a report on Monday, February 26th. Jefferies Group lifted their price target on GTT Communications to $62.00 and gave the company a “buy” rating in a report on Friday, March 2nd. Raymond James initiated coverage on GTT Communications in a report on Monday, April 30th. They issued an “outperform” rating and a $60.00 price target for the company. Oppenheimer lifted their price target on GTT Communications from $52.00 to $68.00 in a report on Tuesday, February 27th. Finally, Guggenheim initiated coverage on GTT Communications in a report on Tuesday, March 13th. They issued a “neutral” rating and a $56.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $57.22.

GTT traded down $0.45 during midday trading on Friday, hitting $50.55. The company’s stock had a trading volume of 396,451 shares, compared to its average volume of 384,040. The company has a debt-to-equity ratio of 5.96, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 210.63 and a beta of 1.13. GTT Communications has a 52-week low of $28.30 and a 52-week high of $62.32.

In other news, insider Richard Calder sold 6,000 shares of GTT Communications stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $60.01, for a total value of $360,060.00. Following the transaction, the insider now directly owns 1,215,263 shares of the company’s stock, valued at approximately $72,927,932.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director H Brian Thompson acquired 3,200 shares of GTT Communications stock in a transaction dated Tuesday, May 8th. The stock was purchased at an average cost of $52.63 per share, for a total transaction of $168,416.00. Following the completion of the purchase, the director now directly owns 24,234 shares in the company, valued at $1,275,435.42. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 11,200 shares of company stock worth $575,976 and sold 39,000 shares worth $2,079,720. Insiders own 25.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of GTT Communications in the 1st quarter valued at about $123,000. Wealthsource Partners LLC acquired a new position in shares of GTT Communications in the 4th quarter valued at about $203,000. California Public Employees Retirement System acquired a new position in shares of GTT Communications in the 4th quarter valued at about $214,000. FCG Advisors LLC acquired a new position in GTT Communications during the 1st quarter worth approximately $220,000. Finally, Xact Kapitalforvaltning AB acquired a new position in GTT Communications during the 4th quarter worth approximately $231,000. 66.30% of the stock is currently owned by institutional investors and hedge funds.

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.

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

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