Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

MITL has been the topic of a number of other research reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $7.50 target price on shares of Mitel Networks Corporation in a report on Tuesday, May 2nd. Zacks Investment Research downgraded Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. National Bank Financial downgraded Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a report on Thursday, May 4th. Finally, TheStreet raised Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. Mitel Networks Corporation presently has an average rating of “Hold” and an average price target of $9.25.

Shares of Mitel Networks Corporation (MITL) traded up 0.61% on Friday, hitting $8.20. The company had a trading volume of 559,928 shares. The firm has a 50 day moving average of $7.64 and a 200-day moving average of $7.11. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.94. The firm’s market capitalization is $969.63 million.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last announced its earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.14. The company had revenue of $238.60 million for the quarter, compared to analyst estimates of $244.55 million. Mitel Networks Corporation had a positive return on equity of 4.69% and a negative net margin of 20.50%. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. On average, equities analysts predict that Mitel Networks Corporation will post $0.71 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 acquired at an average cost 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gregory James Hiscock sold 3,750 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $7.34, for a total value of $27,525.00. Following the completion of the sale, the insider now directly owns 12,313 shares of the company’s stock, valued at $90,377.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,115,449 shares of company stock valued at $16,243,373. Corporate insiders own 16.50% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake in shares of 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 worth $115,000 after buying an additional 7,483 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Mitel Networks Corporation during the second quarter worth approximately $109,000. UBS Group AG raised its stake in shares of 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 worth $113,000 after buying an additional 570 shares during the last quarter. Stevens Capital Management LP raised its stake in shares of 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 worth $117,000 after buying an additional 1,818 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Mitel Networks Corporation during the second quarter worth approximately $143,000. 78.92% of the stock is owned by institutional investors and hedge funds.

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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