Wall Street analysts expect GTT Communications Inc (NYSE:GTT) to report sales of $416.15 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for GTT Communications’ earnings, with estimates ranging from $405.60 million to $421.61 million. GTT Communications posted sales of $433.80 million during the same quarter last year, which would indicate a negative year over year growth rate of 4.1%. The company is scheduled to announce its next quarterly earnings report on Thursday, September 10th.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $1.67 billion for the current year, with estimates ranging from $1.66 billion to $1.68 billion. For the next year, analysts forecast that the firm will report sales of $1.63 billion, with estimates ranging from $1.60 billion to $1.69 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow GTT Communications.
GTT has been the subject of several recent analyst reports. SunTrust Banks cut shares of GTT Communications from a “buy” rating to a “hold” rating and decreased their price objective for the company from $10.00 to $7.00 in a report on Monday, May 11th. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Tuesday, August 4th. Oppenheimer reiterated a “hold” rating on shares of GTT Communications in a report on Monday, August 10th. Finally, Raymond James lowered shares of GTT Communications from an “outperform” rating to an “underperform” rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. GTT Communications has a consensus rating of “Hold” and a consensus target price of $11.20.
Shares of NYSE GTT traded down $0.04 during midday trading on Tuesday, reaching $5.32. 306,900 shares of the company were exchanged, compared to its average volume of 535,772. The stock has a fifty day simple moving average of $5.70 and a 200 day simple moving average of $8.65. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 17.88. The stock has a market cap of $312.92 million, a P/E ratio of -1.87 and a beta of 1.39. GTT Communications has a 1 year low of $3.94 and a 1 year high of $15.77.
Several large investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in shares of GTT Communications by 43.1% in the 2nd quarter. Principal Financial Group Inc. now owns 47,312 shares of the technology company’s stock valued at $386,000 after acquiring an additional 14,258 shares in the last quarter. Neuberger Berman Group LLC lifted its position in shares of GTT Communications by 16.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,810,410 shares of the technology company’s stock valued at $31,093,000 after acquiring an additional 536,386 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of GTT Communications by 10.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 124,520 shares of the technology company’s stock valued at $1,016,000 after acquiring an additional 11,725 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of GTT Communications by 4.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 206,708 shares of the technology company’s stock valued at $1,687,000 after acquiring an additional 9,451 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of GTT Communications in the 2nd quarter valued at approximately $182,000. Institutional investors and hedge funds own 67.95% 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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