GTT Communications Inc (NYSE:GTT) Expected to Announce Quarterly Sales of $423.75 Million

Equities research analysts expect GTT Communications Inc (NYSE:GTT) to post sales of $423.75 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for GTT Communications’ earnings. The highest sales estimate is $439.90 million and the lowest is $410.40 million. GTT Communications posted sales of $454.80 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 6.8%. The firm is scheduled to announce its next earnings report on Thursday, February 27th.

On average, analysts expect that GTT Communications will report full year sales of $1.73 billion for the current year, with estimates ranging from $1.71 billion to $1.74 billion. For the next financial year, analysts anticipate that the business will report sales of $1.73 billion, with estimates ranging from $1.64 billion to $1.78 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover GTT Communications.

GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.46) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.25). GTT Communications had a negative return on equity of 13.24% and a negative net margin of 7.95%. The business had revenue of $420.00 million for the quarter, compared to analysts’ expectations of $425.70 million. During the same quarter in the previous year, the firm posted ($0.43) EPS. GTT Communications’s revenue was down 6.4% on a year-over-year basis.

Several research firms recently issued reports on GTT. Cowen downgraded GTT Communications from an “outperform” rating to a “market perform” rating and set a $10.00 target price on the stock. in a research report on Monday, November 25th. ValuEngine raised GTT Communications from a “hold” rating to a “buy” rating in a report on Friday, January 3rd. Finally, Zacks Investment Research cut GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $27.94.

In other news, major shareholder Spruce House Partnership Lp acquired 559,035 shares of the business’s stock in a transaction on Friday, December 13th. The stock was bought at an average price of $11.94 per share, with a total value of $6,674,877.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Conifer Management, L.L.C. acquired 204,098 shares of the business’s stock in a transaction on Monday, October 28th. The stock was purchased at an average cost of $7.75 per share, with a total value of $1,581,759.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,794,173 shares of company stock valued at $18,403,152 in the last quarter. Company insiders own 40.84% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Paloma Partners Management Co purchased a new stake in shares of GTT Communications during the second quarter worth about $677,000. JPMorgan Chase & Co. boosted its holdings in GTT Communications by 111.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,405 shares of the technology company’s stock worth $358,000 after buying an additional 9,686 shares during the last quarter. California Public Employees Retirement System increased its stake in GTT Communications by 17.1% during the 3rd quarter. California Public Employees Retirement System now owns 59,000 shares of the technology company’s stock worth $556,000 after buying an additional 8,600 shares in the last quarter. Granahan Investment Management Inc. MA increased its stake in GTT Communications by 3.4% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 81,627 shares of the technology company’s stock worth $769,000 after buying an additional 2,690 shares in the last quarter. Finally, J.P. Marvel Investment Advisors LLC purchased a new stake in GTT Communications during the 3rd quarter worth approximately $320,000. 70.77% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE GTT traded down $0.58 during midday trading on Thursday, reaching $12.95. The company had a trading volume of 658,795 shares, compared to its average volume of 541,037. GTT Communications has a 1 year low of $4.67 and a 1 year high of $43.35. The business’s 50-day simple moving average is $11.09 and its 200 day simple moving average is $10.06. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 12.59.

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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