Brokerages Set Mitel Networks Corp (MITL) Price Target at $12.17

Shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) have been given a consensus rating of “Hold” by the seven research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $12.17.

A number of brokerages have recently commented on MITL. Zacks Investment Research downgraded shares of Mitel Networks from a “hold” rating to a “sell” rating in a research report on Thursday. BidaskClub downgraded shares of Mitel Networks from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. National Bank Financial lifted their price objective on shares of Mitel Networks from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. GARP Research began coverage on shares of Mitel Networks in a research report on Tuesday, December 19th. They issued a “buy” rating for the company. Finally, Craig Hallum began coverage on shares of Mitel Networks in a research report on Thursday, December 14th. They issued a “buy” rating and a $14.00 price objective for the company.

Shares of Mitel Networks (NASDAQ:MITL) traded up $0.35 on Monday, hitting $8.92. 2,614,566 shares of the stock were exchanged, compared to its average volume of 1,179,071. Mitel Networks has a 52 week low of $6.21 and a 52 week high of $9.13. The company has a market cap of $1,340.00, a P/E ratio of -223.00 and a beta of 2.66. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94.

In related news, insider Richard D. Mcbee bought 10,000 shares of Mitel Networks stock in a transaction that occurred on Wednesday, November 8th. The stock was acquired at an average price of $8.00 per share, with a total value of $80,000.00. Following the acquisition, the insider now owns 268,047 shares of the company’s stock, valued at approximately $2,144,376. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 5,244 shares of company stock valued at $41,773. Insiders own 16.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in MITL. Cullen Capital Management LLC bought a new stake in shares of Mitel Networks during the 2nd quarter worth about $125,000. FDx Advisors Inc. bought a new stake in shares of Mitel Networks during the 3rd quarter worth about $125,000. Quantbot Technologies LP bought a new stake in shares of Mitel Networks during the 2nd quarter worth about $143,000. Allianz Asset Management GmbH bought a new stake in shares of Mitel Networks during the 3rd quarter worth about $146,000. Finally, 1st Global Advisors Inc. boosted its holdings in shares of Mitel Networks by 1.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after buying an additional 337 shares during the period. 80.05% of the stock is owned by institutional investors and hedge funds.

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About Mitel Networks

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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