Mitel Networks Corp (MITL) Upgraded to B- by TheStreet
A number of other equities analysts also recently issued reports on MITL. Royal Bank Of Canada reaffirmed a hold rating and issued a $7.50 price target on shares of Mitel Networks Corp in a report on Tuesday, May 2nd. National Bank Financial downgraded Mitel Networks Corp from an outperform rating to a sector perform rating in a report on Thursday, May 4th. BidaskClub downgraded Mitel Networks Corp from a buy rating to a hold rating in a report on Tuesday, July 11th. Finally, Zacks Investment Research downgraded Mitel Networks Corp from a hold rating to a strong sell rating in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $9.25.
Shares of Mitel Networks Corp (MITL) opened at 8.47 on Thursday. The firm’s market capitalization is $1.04 billion. Mitel Networks Corp has a 1-year low of $6.21 and a 1-year high of $8.52. The company has a 50-day moving average of $7.32 and a 200-day moving average of $7.02.
Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.14. The firm had revenue of $238.60 million during the quarter, compared to the consensus estimate of $244.55 million. Mitel Networks Corp had a negative return on equity of 0.12% and a negative net margin of 0.04%. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 earnings per share. Equities research analysts predict that Mitel Networks Corp will post $0.68 EPS for the current fiscal year.
In other Mitel Networks Corp news, insider Gregory James Hiscock sold 3,750 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $7.34, for a total value of $27,525.00. Following the completion of the transaction, the insider now owns 12,313 shares in the company, valued at $90,377.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David M. Williams acquired 10,000 shares of the business’s stock in a transaction on Friday, June 9th. The stock was acquired at an average price of $7.51 per share, with a total value of $75,100.00. Following the transaction, the director now directly owns 220,000 shares of the company’s stock, valued at approximately $1,652,200. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 1,114,356 shares of company stock valued at $7,902,912. Corporate insiders own 16.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MITL. TFS Capital LLC acquired a new position in Mitel Networks Corp during the first quarter valued at about $728,000. Engineers Gate Manager LP boosted its position in Mitel Networks Corp by 100.1% in the first quarter. Engineers Gate Manager LP now owns 54,910 shares of the communications equipment provider’s stock valued at $381,000 after buying an additional 27,467 shares during the last quarter. Sei Investments Co. boosted its position in Mitel Networks Corp by 0.3% in the first quarter. Sei Investments Co. now owns 456,025 shares of the communications equipment provider’s stock valued at $3,160,000 after buying an additional 1,470 shares during the last quarter. Teton Advisors Inc. acquired a new position in Mitel Networks Corp during the first quarter valued at about $379,000. Finally, UBS Asset Management Americas Inc. boosted its position in Mitel Networks Corp by 118.5% in the first quarter. UBS Asset Management Americas Inc. now owns 49,592 shares of the communications equipment provider’s stock valued at $344,000 after buying an additional 26,892 shares during the last quarter. Hedge funds and other institutional investors own 75.11% of the company’s stock.
Mitel Networks Corp Company Profile
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company’s segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.
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