Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) had its price objective lifted by analysts at National Bank Financial from $10.00 to $11.00 in a report issued on Monday. The brokerage currently has an “outperform” rating on the communications equipment provider’s stock. National Bank Financial’s price target suggests a potential upside of 25.43% from the company’s current price.
MITL has been the subject of several other reports. BidaskClub downgraded Mitel Networks Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Royal Bank Of Canada raised their target price on Mitel Networks Corporation from $7.50 to $8.50 and gave the company a “sector perform” rating in a research note on Friday, July 28th. TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $9.75.
Shares of Mitel Networks Corporation (NASDAQ MITL) traded up 1.82% during mid-day trading on Monday, reaching $8.93. The company’s stock had a trading volume of 927,279 shares. The firm’s market capitalization is $1.06 billion. The firm has a 50-day moving average of $8.34 and a 200-day moving average of $7.59. Mitel Networks Corporation has a 52 week low of $6.21 and a 52 week high of $8.97.
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.14. Mitel Networks Corporation had a positive return on equity of 4.69% and a negative net margin of 20.50%. The firm had revenue of $238.60 million during the quarter, compared to the consensus estimate of $244.55 million. During the same period in the prior year, the firm earned $0.19 EPS. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. Equities research analysts forecast that Mitel Networks Corporation will post $0.63 earnings per share for the current fiscal year.
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In other news, insider Richard D. Mcbee sold 50,000 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $8.14, for a total transaction of $407,000.00. Following the transaction, the insider now owns 317,647 shares of the company’s stock, valued at $2,585,646.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard D. Mcbee sold 130,000 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $8.35, for a total transaction of $1,085,500.00. Following the transaction, the insider now directly owns 397,647 shares in the company, valued at approximately $3,320,352.45. The disclosure for this sale can be found here. Insiders have sold 1,985,691 shares of company stock worth $16,466,944 in the last ninety days. Corporate insiders own 16.50% of the company’s stock.
Several hedge funds have recently modified their holdings of MITL. River Road Asset Management LLC bought a new position in shares of Mitel Networks Corporation during the second quarter worth about $26,104,000. Sentry Investments Corp. bought a new position in Mitel Networks Corporation in the second quarter worth about $12,866,000. Point72 Asset Management L.P. bought a new position in Mitel Networks Corporation in the first quarter worth about $5,741,000. Paradigm Capital Management Inc. NY lifted its holdings in Mitel Networks Corporation by 37.0% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,838,000 shares of the communications equipment provider’s stock worth $20,859,000 after acquiring an additional 766,200 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Mitel Networks Corporation by 10,459.2% in the second quarter. Acadian Asset Management LLC now owns 724,147 shares of the communications equipment provider’s stock worth $5,322,000 after acquiring an additional 717,289 shares during the last quarter. 79.18% of the stock is currently owned by institutional investors and hedge funds.
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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