Brokerages Expect Mitel Networks Corporation (MITL) Will Post Quarterly Sales of $248.00 Million
Wall Street analysts predict that Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) will report sales of $248.00 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Mitel Networks Corporation’s earnings, with the lowest sales estimate coming in at $246.00 million and the highest estimate coming in at $250.00 million. Mitel Networks Corporation posted sales of $307.20 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 19.3%. The business is expected to announce its next quarterly earnings report on Thursday, August 3rd.
On average, analysts expect that Mitel Networks Corporation will report full year sales of $248.00 million for the current fiscal year, with estimates ranging from $945.20 million to $958.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $943.60 million per share, with estimates ranging from $929.20 million to $958.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Mitel Networks Corporation.
MITL has been the topic of a number of analyst reports. Royal Bank Of Canada restated a “hold” rating and issued a $7.50 price objective on shares of Mitel Networks Corporation in a report on Tuesday, May 2nd. National Bank Financial lowered shares of Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a report on Thursday, May 4th.
Mitel Networks Corporation (NASDAQ:MITL) opened at 7.12 on Friday. The stock’s market capitalization is $873.83 million. The firm has a 50-day moving average of $7.11 and a 200 day moving average of $6.96. Mitel Networks Corporation has a 12-month low of $5.81 and a 12-month high of $8.52.
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In other news, insider Gregory James Hiscock sold 3,750 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $7.34, for a total value of $27,525.00. Following the sale, the insider now directly owns 12,313 shares in the company, valued at approximately $90,377.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Terence H. Matthews sold 971,900 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $7.08, for a total transaction of $6,881,052.00. Following the completion of the sale, the chairman now owns 40,703 shares in the company, valued at $288,177.24. The disclosure for this sale can be found here. Insiders sold a total of 979,356 shares of company stock worth $6,933,262 over the last 90 days. Company insiders own 16.50% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new stake in shares of Mitel Networks Corporation during the fourth quarter worth $1,622,000. FMR LLC raised its stake in shares of Mitel Networks Corporation by 75.0% in the fourth quarter. FMR LLC now owns 104,310 shares of the communications equipment provider’s stock worth $709,000 after buying an additional 44,700 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Mitel Networks Corporation by 13.7% in the fourth quarter. Franklin Resources Inc. now owns 19,951 shares of the communications equipment provider’s stock worth $136,000 after buying an additional 2,410 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Mitel Networks Corporation during the fourth quarter worth $197,000. Finally, Highbridge Capital Management LLC raised its stake in shares of Mitel Networks Corporation by 132.9% in the fourth quarter. Highbridge Capital Management LLC now owns 525,000 shares of the communications equipment provider’s stock worth $3,570,000 after buying an additional 299,600 shares during the last quarter. Institutional investors and hedge funds own 75.11% of the company’s stock.
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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