Zacks Investment Research Lowers GTT Communications, Inc. (GTT) to Sell

GTT Communications, Inc. (NYSE:GTT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “

A number of other brokerages also recently issued reports on GTT. Cowen and Company upped their price objective on shares of GTT Communications from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 28th. BidaskClub downgraded shares of GTT Communications from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. GTT Communications has a consensus rating of “Hold” and an average target price of $36.20.

Shares of GTT Communications (GTT) opened at 33.75 on Wednesday. The firm’s market capitalization is $1.40 billion. GTT Communications has a 52 week low of $20.80 and a 52 week high of $34.20. The company has a 50-day moving average of $31.22 and a 200 day moving average of $30.03.

GTT Communications (NYSE:GTT) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The business had revenue of $186.20 million during the quarter, compared to the consensus estimate of $186.65 million. The firm’s revenue was up 44.5% compared to the same quarter last year. Equities research analysts anticipate that GTT Communications will post ($0.43) earnings per share for the current year.

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In other GTT Communications news, Director Howard E. Janzen sold 6,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $30.32, for a total value of $181,920.00. Following the transaction, the director now directly owns 240,728 shares in the company, valued at $7,298,872.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Richard Calder sold 10,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the transaction, the insider now owns 1,121,006 shares in the company, valued at $35,860,981.94. The disclosure for this sale can be found here. Insiders sold a total of 57,000 shares of company stock valued at $1,774,990 over the last ninety days. 25.70% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA boosted its stake in GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after acquiring an additional 3,295 shares during the last quarter. Nordea Investment Management AB purchased a new position in GTT Communications in the first quarter valued at about $117,000. Invictus RG purchased a new position in GTT Communications in the first quarter valued at about $117,000. Fifth Third Bancorp boosted its stake in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock valued at $123,000 after acquiring an additional 536 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in GTT Communications by 92.1% in the first quarter. Sei Investments Co. now owns 5,557 shares of the technology company’s stock valued at $135,000 after acquiring an additional 2,664 shares during the last quarter. Hedge funds and other institutional investors own 58.94% of the company’s stock.

About GTT Communications

GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.

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