GTT Communications Inc (GTT) Forecasted to Post FY2021 Earnings of $2.05 Per Share

GTT Communications Inc (NYSE:GTT) – Investment analysts at Oppenheimer dropped their FY2021 earnings estimates for GTT Communications in a report released on Wednesday, May 8th. Oppenheimer analyst T. Horan now expects that the technology company will post earnings per share of $2.05 for the year, down from their previous forecast of $2.13. Oppenheimer currently has a “Outperform” rating and a $42.00 price objective on the stock.

GTT Communications (NYSE:GTT) last released its earnings results on Thursday, February 28th. The technology company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.05. The company had revenue of $454.80 million during the quarter, compared to analysts’ expectations of $453.79 million. GTT Communications had a negative return on equity of 15.32% and a negative net margin of 14.28%.

A number of other research analysts have also recently commented on the company. KeyCorp lowered their target price on GTT Communications from $57.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, March 1st. ValuEngine raised GTT Communications from a “hold” rating to a “buy” rating in a research report on Monday, January 21st. BTIG Research reduced their price objective on GTT Communications to $49.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Finally, Zacks Investment Research lowered GTT Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $41.75.

GTT opened at $27.15 on Monday. The company has a market capitalization of $1.59 billion, a PE ratio of -17.08 and a beta of 1.50. The company has a debt-to-equity ratio of 7.68, a current ratio of 0.62 and a quick ratio of 0.62. GTT Communications has a 52 week low of $21.68 and a 52 week high of $52.45.

In related news, insider Richard Calder sold 1,107 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $31.06, for a total transaction of $34,383.42. Following the completion of the transaction, the insider now owns 1,307,568 shares of the company’s stock, valued at approximately $40,613,062.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Chris Mckee sold 3,584 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $32.11, for a total value of $115,082.24. Following the transaction, the general counsel now directly owns 488,454 shares of the company’s stock, valued at approximately $15,684,257.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,421 shares of company stock valued at $986,980. 23.01% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of GTT. Cannell Capital LLC bought a new stake in shares of GTT Communications in the 4th quarter worth $82,000. AlphaOne Investment Services LLC increased its holdings in shares of GTT Communications by 67.6% in the 1st quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock worth $101,000 after purchasing an additional 1,170 shares in the last quarter. Citigroup Inc. increased its holdings in shares of GTT Communications by 1,180.1% in the 4th quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock worth $122,000 after purchasing an additional 4,756 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of GTT Communications by 69.9% in the 4th quarter. Bessemer Group Inc. now owns 7,400 shares of the technology company’s stock worth $175,000 after purchasing an additional 3,045 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of GTT Communications by 16.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,582 shares of the technology company’s stock worth $179,000 after purchasing an additional 1,044 shares in the last quarter. 86.24% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for GTT Communications (NYSE:GTT)

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