Mitel Networks Corporation (MITL) Rating Lowered to C at TheStreet
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) was downgraded by stock analysts at TheStreet from a “b” rating to a “c” rating in a note issued to investors on Tuesday.
MITL has been the subject of a number of other research reports. Zacks Investment Research cut Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 9th. National Bank Financial raised their price objective on Mitel Networks Corporation from $10.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, October 23rd. Royal Bank Of Canada raised their price objective on Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating in a research report on Friday, July 28th. Finally, BidaskClub cut Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $11.25.
Mitel Networks Corporation (NASDAQ MITL) traded down $0.19 during trading on Tuesday, hitting $7.54. The stock had a trading volume of 1,049,400 shares, compared to its average volume of 706,931. The company has a quick ratio of 0.77, a current ratio of 1.00 and a debt-to-equity ratio of 1.94. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week high of $9.13.
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In other news, major shareholder Associates L.P. Elliott sold 154,184 shares of the business’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $8.29, for a total value of $1,278,185.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder International L.P. Elliott sold 192,277 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $8.30, for a total value of $1,595,899.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 989,842 shares of company stock valued at $8,168,255. 16.50% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Neuberger Berman Group LLC acquired a new position in shares of Mitel Networks Corporation in the 3rd quarter valued at about $8,172,000. Allianz Asset Management GmbH acquired a new position in shares of Mitel Networks Corporation in the 3rd quarter valued at about $146,000. OxFORD Asset Management LLP lifted its holdings in shares of Mitel Networks Corporation by 890.1% in the 3rd quarter. OxFORD Asset Management LLP now owns 762,620 shares of the communications equipment provider’s stock valued at $6,334,000 after buying an additional 685,592 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Mitel Networks Corporation in the 3rd quarter valued at about $554,000. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Mitel Networks Corporation in the 3rd quarter valued at about $5,761,000. 79.12% of the stock is owned by institutional investors and hedge funds.
About Mitel Networks Corporation
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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