Wall Street brokerages forecast that Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) will report $346.35 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Mitel Networks’ earnings, with the lowest sales estimate coming in at $346.00 million and the highest estimate coming in at $346.70 million. Mitel Networks posted sales of $259.80 million in the same quarter last year, which suggests a positive year over year growth rate of 33.3%. The company is expected to issue its next quarterly earnings results on Thursday, February 22nd.
According to Zacks, analysts expect that Mitel Networks will report full-year sales of $346.35 million for the current fiscal year. For the next fiscal year, analysts forecast that the firm will report sales of $1.31 billion per share. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Mitel Networks.
Several brokerages have recently issued reports on MITL. National Bank Financial upped their price objective on Mitel Networks from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. Royal Bank of Canada restated a “hold” rating and set a $8.50 price target on shares of Mitel Networks in a research note on Thursday, November 2nd. Zacks Investment Research lowered Mitel Networks from a “hold” rating to a “sell” rating in a research note on Thursday. GARP Research began coverage on Mitel Networks in a research note on Tuesday, December 19th. They issued a “buy” rating for the company. Finally, TheStreet downgraded Mitel Networks from a “b” rating to a “c” rating in a report on Tuesday, November 14th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $12.17.
In related news, insider Richard D. Mcbee acquired 10,000 shares of Mitel Networks stock in a transaction dated Wednesday, November 8th. The stock was acquired at an average cost of $8.00 per share, with a total value of $80,000.00. Following the purchase, the insider now directly owns 268,047 shares in the company, valued at approximately $2,144,376. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 5,244 shares of company stock worth $41,773. 16.50% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MITL. River Road Asset Management LLC raised its holdings in Mitel Networks by 40.3% during the third quarter. River Road Asset Management LLC now owns 4,982,812 shares of the communications equipment provider’s stock valued at $41,806,000 after buying an additional 1,431,222 shares in the last quarter. Neuberger Berman Group LLC bought a new position in Mitel Networks during the third quarter valued at about $8,172,000. Hillsdale Investment Management Inc. bought a new position in Mitel Networks during the third quarter valued at about $5,761,000. OxFORD Asset Management LLP boosted its holdings in Mitel Networks by 890.1% during the third quarter. OxFORD Asset Management LLP now owns 762,620 shares of the communications equipment provider’s stock valued at $6,334,000 after purchasing an additional 685,592 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Mitel Networks by 11.2% during the second quarter. Alliancebernstein L.P. now owns 3,605,024 shares of the communications equipment provider’s stock valued at $26,497,000 after purchasing an additional 364,370 shares in the last quarter. 80.05% of the stock is owned by hedge funds and other institutional investors.
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Mitel Networks 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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