Mitel Networks Corporation (MITL) Posts Earnings Results, Misses Expectations By $0.03 EPS
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) posted its quarterly earnings results on Thursday. The communications equipment provider reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03), Briefing.com reports. The firm had revenue of $241.50 million for the quarter, compared to analysts’ expectations of $236.45 million. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS.
A number of research analysts recently weighed in on the stock. BidaskClub downgraded shares of Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Royal Bank Of Canada increased their price objective on shares of Mitel Networks Corporation from $7.50 to $8.50 and gave the company a “sector perform” rating in a research report on Friday, July 28th. National Bank Financial increased their price objective on shares of Mitel Networks Corporation from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. TheStreet upgraded shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $11.25.
In other Mitel Networks Corporation news, Chairman Terence H. Matthews sold 350,000 shares of Mitel Networks Corporation stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $8.35, for a total transaction of $2,922,500.00. Following the completion of the sale, the chairman now directly owns 40,703 shares in the company, valued at approximately $339,870.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Associates L.P. Elliott sold 350,475 shares of Mitel Networks Corporation stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $8.25, for a total transaction of $2,891,418.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,805,691 shares of company stock worth $14,974,444. 16.50% of the stock is owned by insiders.
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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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