Shares of GTT Communications Inc (NYSE:GTT) hit a new 52-week low during trading on Monday after ValuEngine downgraded the stock from a strong-buy rating to a buy rating. The stock traded as low as $30.69 and last traded at $32.07, with a volume of 21449 shares changing hands. The stock had previously closed at $34.56.
GTT has been the topic of several other reports. Zacks Investment Research downgraded GTT Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 25th. William Blair reissued a “buy” rating on shares of GTT Communications in a research report on Monday, August 6th. SunTrust Banks reissued a “buy” rating and issued a $52.00 target price on shares of GTT Communications in a research report on Friday, August 3rd. BWS Financial assumed coverage on GTT Communications in a research report on Monday, August 6th. They issued a “sell” rating and a $5.00 target price on the stock. Finally, KeyCorp set a $57.00 target price on GTT Communications and gave the company a “buy” rating in a research report on Tuesday, August 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. GTT Communications presently has an average rating of “Buy” and a consensus price target of $49.80.
In related news, insider Richard Calder sold 2,206 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $40.05, for a total value of $88,350.30. Following the transaction, the insider now directly owns 1,220,702 shares of the company’s stock, valued at approximately $48,889,115.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $45.00, for a total value of $315,000.00. Following the completion of the transaction, the general counsel now directly owns 399,854 shares in the company, valued at $17,993,430. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,442,631 shares of company stock worth $133,572,299 and sold 11,417 shares worth $491,901. 23.01% of the stock is owned by corporate insiders.
The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 133.63 and a beta of 1.14. The company has a debt-to-equity ratio of 6.62, a current ratio of 0.68 and a quick ratio of 0.68.
GTT Communications (NYSE:GTT) last announced its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.18. The company had revenue of $448.60 million for the quarter, compared to the consensus estimate of $456.19 million. GTT Communications had a negative return on equity of 13.27% and a negative net margin of 18.67%. The firm’s revenue for the quarter was up 121.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.23) EPS. On average, research analysts predict that GTT Communications Inc will post -1.43 EPS for the current year.
About GTT Communications (NYSE:GTT)
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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