GTT Communications (GTT) Sets New 1-Year Low Following Analyst Downgrade

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.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Boston Financial Mangement LLC grew its position in GTT Communications by 9.9% during the 2nd quarter. Boston Financial Mangement LLC now owns 163,604 shares of the technology company’s stock worth $7,362,000 after purchasing an additional 14,678 shares during the period. First Trust Advisors LP grew its position in GTT Communications by 11.4% during the 2nd quarter. First Trust Advisors LP now owns 68,559 shares of the technology company’s stock worth $3,085,000 after purchasing an additional 7,031 shares during the period. Bank of America Corp DE grew its position in GTT Communications by 64.6% during the 2nd quarter. Bank of America Corp DE now owns 321,093 shares of the technology company’s stock worth $14,449,000 after purchasing an additional 125,973 shares during the period. PNC Financial Services Group Inc. grew its position in GTT Communications by 148.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,928 shares of the technology company’s stock worth $133,000 after purchasing an additional 1,751 shares during the period. Finally, Swiss National Bank grew its position in GTT Communications by 9.5% during the 2nd quarter. Swiss National Bank now owns 62,100 shares of the technology company’s stock worth $2,795,000 after purchasing an additional 5,400 shares during the period. 75.21% of the stock is currently owned by hedge funds and other institutional investors.

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.

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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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