Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW)‘s stock had its “hold” rating reissued by stock analysts at Royal Bank Of Canada in a research note issued on Thursday. They currently have a $8.50 target price on the communications equipment provider’s stock. Royal Bank Of Canada’s target price would suggest a potential downside of 1.05% from the company’s previous close.

Several other research firms have also commented on MITL. BidaskClub raised Mitel Networks Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 3rd. National Bank Financial raised their target price on Mitel Networks Corporation from $10.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, October 23rd. TheStreet raised Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. Finally, Zacks Investment Research raised Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 27th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $11.25.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last posted its earnings results on Thursday, November 2nd. The communications equipment provider reported $0.16 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.03). The company had revenue of $241.50 million for the quarter, compared to analyst estimates of $236.45 million. Mitel Networks Corporation had a positive return on equity of 4.69% and a negative net margin of 20.50%. The firm’s revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $0.12 earnings per share.

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In other Mitel Networks Corporation news, major shareholder Associates L.P. Elliott sold 350,475 shares of the stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $8.25, for a total transaction of $2,891,418.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas Gerald Lokar sold 18,736 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $8.64, for a total value of $161,879.04. Following the transaction, the insider now owns 14,752 shares in the company, valued at approximately $127,457.28. The disclosure for this sale can be found here. Insiders have sold 1,805,691 shares of company stock worth $14,974,444 in the last quarter. 16.50% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. NWQ Investment Management Company LLC boosted its position in Mitel Networks Corporation by 4.4% during the first quarter. NWQ Investment Management Company LLC now owns 12,723,384 shares of the communications equipment provider’s stock worth $104,077,000 after purchasing an additional 540,055 shares in the last quarter. 1st Global Advisors Inc. boosted its position in Mitel Networks Corporation by 1.4% during the second quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after purchasing an additional 337 shares in the last quarter. Elliott Management Corp boosted its position in Mitel Networks Corporation by 1.9% during the first quarter. Elliott Management Corp now owns 11,768,719 shares of the communications equipment provider’s stock worth $96,268,000 after purchasing an additional 219,848 shares in the last quarter. Sei Investments Co. boosted its position in Mitel Networks Corporation by 6.9% during the fourth quarter. Sei Investments Co. now owns 328,305 shares of the communications equipment provider’s stock worth $2,525,000 after purchasing an additional 21,170 shares in the last quarter. Finally, Palo Capital purchased a new position in Mitel Networks Corporation during the third quarter worth approximately $91,000. Institutional investors own 79.36% of the company’s stock.

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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