Mitel Networks Corporation (NASDAQ:MITL) Upgraded by National Bank Financial to Outperform
National Bank Financial upgraded shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) from a sector perform rating to an outperform rating in a research note released on Friday morning. National Bank Financial currently has $10.00 price objective on the communications equipment provider’s stock, up from their prior price objective of $7.50.
Several other research firms also recently commented on MITL. Zacks Investment Research downgraded shares of Mitel Networks Corporation from a hold rating to a strong sell rating in a report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a hold rating and issued a $7.50 price objective on shares of Mitel Networks Corporation in a report on Tuesday, May 2nd. Finally, BidaskClub downgraded shares of Mitel Networks Corporation from a buy rating to a hold rating in a report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $9.25.
Mitel Networks Corporation (NASDAQ:MITL) traded up 2.35% on Friday, reaching $8.72. 336,117 shares of the company’s stock traded hands. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.72. The stock has a 50 day moving average price of $7.35 and a 200 day moving average price of $7.02. The stock’s market cap is $1.03 billion.
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings data on Thursday, July 27th. The communications equipment provider reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.14. The business had revenue of $238.60 million for the quarter, compared to the consensus estimate of $244.55 million. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.42%. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 EPS. Analysts forecast that Mitel Networks Corporation will post $0.68 EPS for the current year.
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In other news, Director David M. Williams bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The stock was purchased at an average cost of $7.51 per share, for a total transaction of $75,100.00. Following the purchase, the director now directly owns 220,000 shares in the company, valued at approximately $1,652,200. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Richard D. Mcbee sold 50,000 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $8.14, for a total transaction of $407,000.00. Following the completion of the transaction, the insider now owns 317,647 shares of the company’s stock, valued at $2,585,646.58. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,164,356 shares of company stock valued at $8,309,912. Company insiders own 16.50% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Campbell & CO Investment Adviser LLC purchased a new position in Mitel Networks Corporation during the second quarter valued at about $109,000. UBS Group AG boosted its position in Mitel Networks Corporation by 3.6% in the first quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 570 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Mitel Networks Corporation by 146.4% in the first quarter. Tower Research Capital LLC TRC now owns 12,595 shares of the communications equipment provider’s stock valued at $115,000 after buying an additional 7,483 shares in the last quarter. Stevens Capital Management LP boosted its position in Mitel Networks Corporation by 12.1% in the first quarter. Stevens Capital Management LP now owns 16,888 shares of the communications equipment provider’s stock valued at $117,000 after buying an additional 1,818 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Mitel Networks Corporation by 47.7% in the first quarter. Toronto Dominion Bank now owns 19,827 shares of the communications equipment provider’s stock valued at $137,000 after buying an additional 6,401 shares in the last quarter. Hedge funds and other institutional investors own 75.67% of the company’s stock.
Mitel Networks Corporation 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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