Mitel Networks Corporation (MITL) Director Peter Charbonneau Sells 32,668 Shares
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) Director Peter Charbonneau sold 32,668 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $8.02, for a total value of $261,997.36. Following the completion of the sale, the director now directly owns 64,943 shares in the company, valued at $520,842.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Mitel Networks Corporation (NASDAQ MITL) traded down 0.74% during midday trading on Thursday, reaching $8.02. The company’s stock had a trading volume of 358,356 shares. The company’s market cap is $948.34 million. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.94. The firm has a 50 day moving average price of $8.14 and a 200-day moving average price of $7.25.
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 Thomson Reuters’ consensus estimate of ($0.01) by $0.14. Mitel Networks Corporation had a positive return on equity of 4.69% and a negative net margin of 20.50%. The firm had revenue of $238.60 million for the quarter, compared to the consensus estimate of $244.55 million. During the same period in the previous year, the business earned $0.19 EPS. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities research analysts predict that Mitel Networks Corporation will post $0.68 earnings per share for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Mitel Networks Corporation during the 2nd quarter worth $205,000. Schafer Cullen Capital Management Inc. purchased a new position in Mitel Networks Corporation during the 2nd quarter worth $257,000. Cullen Capital Management LLC purchased a new position in Mitel Networks Corporation during the 2nd quarter worth $125,000. 1st Global Advisors Inc. grew its stake in Mitel Networks Corporation by 1.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after buying an additional 337 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in Mitel Networks Corporation by 308.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,835 shares of the communications equipment provider’s stock worth $256,000 after buying an additional 26,315 shares during the last quarter. Hedge funds and other institutional investors own 79.21% of the company’s stock.
Several equities research analysts recently weighed in on the company. BidaskClub raised Mitel Networks Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 3rd. TheStreet raised Mitel Networks Corporation from a “c” rating to a “b-” rating in a research note on Thursday, July 27th. National Bank Financial raised Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $7.50 to $10.00 in a research note on Friday, July 28th. Royal Bank Of Canada upped their price target on Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research downgraded Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $9.25.
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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