GTT Communications (GTT) Announces Earnings Results

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GTT Communications (NYSE:GTT) released its quarterly earnings results on Thursday. The technology company reported ($0.43) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.61) by $0.18, Fidelity Earnings reports. GTT Communications had a negative net margin of 21.82% and a negative return on equity of 45.46%. The business had revenue of $448.60 million during the quarter, compared to analysts’ expectations of $456.19 million. During the same quarter in the previous year, the company earned ($0.23) EPS. The business’s quarterly revenue was up 121.4% compared to the same quarter last year.

Shares of GTT opened at $34.56 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 6.29. GTT Communications has a fifty-two week low of $31.44 and a fifty-two week high of $62.32.

A number of equities research analysts have recently weighed in on the stock. Oppenheimer lowered their price objective on shares of GTT Communications to $50.00 and set an “outperform” rating for the company in a report on Friday. SunTrust Banks restated a “buy” rating and issued a $52.00 price objective on shares of GTT Communications in a report on Friday, August 3rd. ValuEngine upgraded shares of GTT Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 1st. KeyCorp set a $57.00 price objective on shares of GTT Communications and gave the stock a “buy” rating in a report on Tuesday, August 21st. Finally, Zacks Investment Research lowered shares of GTT Communications from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. GTT Communications presently has an average rating of “Buy” and an average target price of $49.80.

In other news, major shareholder Spruce House Partnership Lp purchased 702,531 shares of the stock in a transaction that occurred on Monday, September 10th. The stock was bought at an average cost of $41.88 per share, for a total transaction of $29,421,998.28. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Theodore B. Smith III purchased 1,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were purchased at an average price of $39.94 per share, with a total value of $39,940.00. Following the completion of the acquisition, the director now directly owns 419,278 shares in the company, valued at $16,745,963.32. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 3,318,392 shares of company stock valued at $128,448,440 and sold 11,417 shares valued at $491,901. Insiders own 23.01% of the company’s stock.

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GTT Communications Company Profile

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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Earnings History for GTT Communications (NYSE:GTT)

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