Shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $12.58.
MITL has been the subject of several recent analyst reports. ValuEngine downgraded Mitel Networks from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 2nd. BidaskClub upgraded Mitel Networks from a “hold” rating to a “buy” rating in a research note on Thursday, June 28th.
Shares of NASDAQ MITL opened at $11.00 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 0.87 and a debt-to-equity ratio of 1.31. The stock has a market cap of $1.36 billion, a PE ratio of -27.50 and a beta of 2.17. Mitel Networks has a 52 week low of $7.13 and a 52 week high of $11.31.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Wednesday, August 1st. The communications equipment provider reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.05. Mitel Networks had a negative return on equity of 9.58% and a negative net margin of 2.76%. The business had revenue of $324.70 million for the quarter. Research analysts expect that Mitel Networks will post -0.26 earnings per share for the current year.
In other Mitel Networks news, Director Benjamin Ball sold 21,250 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $10.97, for a total value of $233,112.50. Following the completion of the sale, the director now owns 51,125 shares in the company, valued at approximately $560,841.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Todd Abbott sold 2,448 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $11.01, for a total value of $26,952.48. Following the completion of the sale, the executive vice president now owns 7,552 shares of the company’s stock, valued at approximately $83,147.52. The disclosure for this sale can be found here. Insiders sold a total of 43,019 shares of company stock valued at $472,596 in the last quarter. Corporate insiders own 5.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Suntrust Banks Inc. bought a new stake in shares of Mitel Networks in the 1st quarter worth approximately $235,000. Xact Kapitalforvaltning AB bought a new position in shares of Mitel Networks during the 2nd quarter worth approximately $259,000. Sphinx Trading LP bought a new position in shares of Mitel Networks during the 2nd quarter worth approximately $274,000. Cubist Systematic Strategies LLC lifted its position in shares of Mitel Networks by 44.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock worth $314,000 after buying an additional 8,883 shares during the period. Finally, Toronto Dominion Bank lifted its position in shares of Mitel Networks by 17.6% during the 2nd quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock worth $409,000 after buying an additional 5,598 shares during the period. Institutional investors own 80.65% of the company’s stock.
Mitel Networks Company Profile
Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.
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