GTT Communications Inc (NYSE:GTT) Receives Average Recommendation of “Hold” from Brokerages

GTT Communications Inc (NYSE:GTT) has received a consensus rating of “Hold” from the nine research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $19.70.

A number of analysts recently issued reports on the company. Craig Hallum lowered GTT Communications from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. SunTrust Banks decreased their price objective on GTT Communications from $42.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. BTIG Research lowered GTT Communications from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. ValuEngine upgraded GTT Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Cowen decreased their price objective on GTT Communications from $37.00 to $21.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th.

In other GTT Communications news, CEO Richard Calder bought 20,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were acquired at an average cost of $6.57 per share, for a total transaction of $131,400.00. Following the purchase, the chief executive officer now directly owns 1,347,850 shares of the company’s stock, valued at $8,855,374.50. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Spruce House Partnership Lp bought 1,050,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was acquired at an average price of $9.14 per share, for a total transaction of $9,597,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 1,087,840 shares of company stock worth $9,866,424 and sold 20,597 shares worth $280,508. 40.84% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. AlphaOne Investment Services LLC boosted 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. Athena Capital Advisors LLC purchased a new position in shares of GTT Communications in the 2nd quarter worth about $189,000. First Business Financial Services Inc. purchased a new position in shares of GTT Communications in the 2nd quarter worth about $222,000. Balyasny Asset Management LLC purchased a new position in shares of GTT Communications in the 2nd quarter worth about $277,000. Finally, Bessemer Group Inc. boosted its holdings in shares of GTT Communications by 42.6% in the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock worth $295,000 after purchasing an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 84.56% of the company’s stock.

Shares of GTT traded down $0.76 during mid-day trading on Friday, hitting $8.58. The stock had a trading volume of 504,033 shares, compared to its average volume of 1,474,955. The firm has a market cap of $526.42 million, a P/E ratio of -5.40 and a beta of 1.56. The business has a fifty day moving average price of $12.11 and a 200-day moving average price of $25.95. The company has a debt-to-equity ratio of 9.85, a current ratio of 0.57 and a quick ratio of 0.57. GTT Communications has a 52 week low of $4.90 and a 52 week high of $47.20.

GTT Communications (NYSE:GTT) last released its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.55). GTT Communications had a negative net margin of 7.66% and a negative return on equity of 13.01%. The company had revenue of $433.80 million for the quarter, compared to the consensus estimate of $447.66 million. During the same quarter in the previous year, the firm posted ($2.83) earnings per share. The business’s revenue for the quarter was up 32.7% compared to the same quarter last year. As a group, research analysts expect that GTT Communications will post -1.38 earnings per share for the current fiscal year.

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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Analyst Recommendations for GTT Communications (NYSE:GTT)

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