Wall Street brokerages predict that Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) will announce sales of $233.50 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Mitel Networks Corporation’s earnings. The lowest sales estimate is $230.00 million and the highest is $237.00 million. Mitel Networks Corporation reported sales of $279.80 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 16.5%. The firm is expected to issue its next quarterly earnings results before the market opens on Thursday, November 2nd.

On average, analysts expect that Mitel Networks Corporation will report full year sales of $233.50 million for the current financial year. For the next financial year, analysts anticipate that the firm will report sales of $1.30 billion per share. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Mitel Networks Corporation.

MITL has been the topic of several recent research reports. BidaskClub lowered Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Zacks Investment Research lowered Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th. National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $7.50 to $10.00 in a research report on Friday, July 28th. Royal Bank Of Canada raised their price target on Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating in a research report on Friday, July 28th. Finally, TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.25.

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In other news, insider Gregory James Hiscock sold 3,125 shares of Mitel Networks Corporation stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $8.14, for a total value of $25,437.50. Following the sale, the insider now directly owns 6,063 shares in the company, valued at approximately $49,352.82. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Terence H. Matthews sold 450,000 shares of Mitel Networks Corporation stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $8.32, for a total value of $3,744,000.00. Following the completion of the sale, the chairman now owns 40,703 shares in the company, valued at $338,648.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,805,691 shares of company stock worth $14,974,444. Corporate insiders own 16.50% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Teton Advisors Inc. grew its position in shares of Mitel Networks Corporation by 18.9% in the 3rd quarter. Teton Advisors Inc. now owns 103,000 shares of the communications equipment provider’s stock worth $864,000 after buying an additional 16,400 shares during the last quarter. Nine Chapters Capital Management LLC grew its position in shares of Mitel Networks Corporation by 251.3% in the 3rd quarter. Nine Chapters Capital Management LLC now owns 54,100 shares of the communications equipment provider’s stock worth $454,000 after buying an additional 38,700 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Mitel Networks Corporation by 31.0% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 77,800 shares of the communications equipment provider’s stock worth $653,000 after buying an additional 18,400 shares during the last quarter. Nationwide Fund Advisors bought a new stake in shares of Mitel Networks Corporation in the 3rd quarter worth approximately $370,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Mitel Networks Corporation in the 3rd quarter worth approximately $323,000. Hedge funds and other institutional investors own 79.36% 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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