Mitel Networks Corporation (MITL) Receives Average Recommendation of “Buy” from Brokerages
Shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) have earned an average broker rating score of 1.75 (Buy) from the four analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation, one has assigned a buy recommendation and two have given a strong buy recommendation to the company.
Brokers have set a 12-month consensus target price of $9.50 for the company and are anticipating that the company will post $0.19 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Mitel Networks Corporation an industry rank of 86 out of 265 based on the ratings given to its competitors.
Several equities analysts have recently weighed in on MITL shares. BidaskClub upgraded Mitel Networks Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 3rd. Zacks Investment Research downgraded Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $7.50 to $10.00 in a report on Friday, July 28th. Finally, Royal Bank Of Canada raised their price target on Mitel Networks Corporation from $7.50 to $8.50 and gave the company a “sector perform” rating in a report on Friday, July 28th.
Shares of Mitel Networks Corporation (NASDAQ MITL) opened at 8.60 on Friday. The stock has a 50 day moving average of $8.38 and a 200 day moving average of $7.64. Mitel Networks Corporation has a 1-year low of $6.21 and a 1-year high of $9.13. The company’s market cap is $1.02 billion.
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $244.55 million. During the same period last year, the company earned $0.19 earnings per share. The company’s revenue was down 8.3% on a year-over-year basis. On average, equities analysts forecast that Mitel Networks Corporation will post $0.63 EPS for the current year.
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In related news, insider Richard D. Mcbee sold 130,000 shares of Mitel Networks Corporation stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $8.35, for a total value of $1,085,500.00. Following the completion of the sale, the insider now directly owns 397,647 shares in the company, valued at approximately $3,320,352.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gregory James Hiscock sold 3,125 shares of Mitel Networks Corporation stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $8.14, for a total value of $25,437.50. Following the completion of the sale, the insider now owns 6,063 shares of the company’s stock, valued at $49,352.82. The disclosure for this sale can be found here. Insiders have sold 1,935,691 shares of company stock valued at $16,059,944 over the last 90 days. Corporate insiders own 16.50% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Campbell & CO Investment Adviser LLC bought a new stake in Mitel Networks Corporation in the 2nd quarter worth about $109,000. UBS Group AG increased its holdings in Mitel Networks Corporation by 3.6% in the 1st 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 in the last quarter. Cullen Capital Management LLC bought a new stake in Mitel Networks Corporation in the 2nd quarter worth about $125,000. Quantbot Technologies LP bought a new stake in Mitel Networks Corporation in the 2nd quarter worth about $143,000. Finally, 1st Global Advisors Inc. increased its holdings in Mitel Networks Corporation by 1.4% in 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 in the last quarter. Institutional investors own 79.38% 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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