GTT Communications (GTT) Announces Earnings Results

GTT Communications (NYSE:GTT) released its quarterly earnings results on Thursday. The technology company reported ($0.43) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.18, Fidelity Earnings reports. The company had revenue of $448.60 million for the quarter, compared to analysts’ expectations of $456.19 million. GTT Communications had a negative return on equity of 45.46% and a negative net margin of 21.82%. The business’s revenue for the quarter was up 121.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) earnings per share.

GTT opened at $34.99 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 6.29. GTT Communications has a twelve month low of $31.44 and a twelve month high of $62.32.

A number of research firms have recently weighed in on GTT. Zacks Investment Research cut GTT Communications from a “hold” rating to a “strong sell” rating in a report on Thursday, July 12th. William Blair reaffirmed a “buy” rating on shares of GTT Communications in a report on Monday, August 6th. SunTrust Banks reaffirmed a “buy” rating and set a $52.00 price target on shares of GTT Communications in a report on Friday, August 3rd. ValuEngine raised GTT Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, August 17th. Finally, BWS Financial began coverage on GTT Communications in a report on Monday, August 6th. They set a “sell” rating and a $5.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $51.33.

In other news, major shareholder Spruce House Partnership Lp bought 702,531 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The shares were purchased at an average price of $41.88 per share, with a total value of $29,421,998.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Theodore B. Smith III bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were purchased at an average cost of $39.94 per share, for a total transaction of $39,940.00. Following the acquisition, the director now owns 419,278 shares of the company’s stock, valued at $16,745,963.32. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,318,392 shares of company stock worth $128,448,440 and have sold 11,417 shares worth $491,901. Insiders own 23.01% of the company’s stock.

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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 for GTT Communications (NYSE:GTT)

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