Zacks: Mitel Networks Corp. (MITL) Given $11.79 Average Target Price by Brokerages
Mitel Networks Corp. (NASDAQ:MITL) has earned a consensus broker rating score of 1.20 (Strong Buy) from the five brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a buy recommendation and four have issued a strong buy recommendation on the company. Mitel Networks Corp.’s rating score has improved by 14.3% from three months ago as a result of various analysts’ ratings changes.
Analysts have set a 1-year consensus price objective of $11.79 for the company and are anticipating that the company will post ($0.03) EPS for the current quarter, according to Zacks. Zacks has also assigned Mitel Networks Corp. an industry rank of 180 out of 265 based on the ratings given to related companies.
Separately, National Bank Financial started coverage on Mitel Networks Corp. in a report on Tuesday, September 27th. They issued an “outperform” rating and a $10.50 price target for the company.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/zacks-mitel-networks-corp-mitl-given-11-79-average-target-price-by-brokerages.html
Shares of Mitel Networks Corp. (NASDAQ:MITL) traded down 1.99% during trading on Thursday, reaching $6.91. The company’s stock had a trading volume of 121,279 shares. The firm’s market capitalization is $840.24 million. Mitel Networks Corp. has a 52 week low of $5.81 and a 52 week high of $8.90. The company has a 50 day moving average price of $7.36 and a 200 day moving average price of $7.13.
Mitel Networks Corp. (NASDAQ:MITL) last posted its earnings results on Thursday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.05. Mitel Networks Corp. had a positive return on equity of 12.57% and a negative net margin of 3.91%. The firm had revenue of $307.20 million for the quarter, compared to analyst estimates of $292.05 million. During the same quarter in the prior year, the company earned $0.18 EPS. Mitel Networks Corp.’s revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Mitel Networks Corp. will post $0.63 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in Mitel Networks Corp. by 70.9% in the second quarter. Bank of New York Mellon Corp now owns 44,842 shares of the company’s stock valued at $282,000 after buying an additional 18,600 shares during the period. DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in Mitel Networks Corp. during the second quarter valued at $189,000. CIBC World Markets Inc. raised its stake in Mitel Networks Corp. by 5.6% in the second quarter. CIBC World Markets Inc. now owns 39,310 shares of the company’s stock valued at $247,000 after buying an additional 2,077 shares during the period. Royal Bank of Canada raised its stake in Mitel Networks Corp. by 1.0% in the first quarter. Royal Bank of Canada now owns 3,904,703 shares of the company’s stock valued at $31,940,000 after buying an additional 38,909 shares during the period. Finally, Elliott Management Corp raised its stake in Mitel Networks Corp. by 1.9% in the first quarter. Elliott Management Corp now owns 11,768,719 shares of the company’s stock valued at $96,268,000 after buying an additional 219,848 shares during the period. Hedge funds and other institutional investors own 83.03% 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 operates through three segments: Enterprise, Cloud and Mobile. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mitel Networks Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitel Networks Corp. and related companies with MarketBeat.com's FREE daily email newsletter.