Mitel Networks (NASDAQ:MITL) (TSE:MNW) posted its quarterly earnings results on Thursday. The communications equipment provider reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.08, Morningstar.com reports. The business had revenue of $355.90 million during the quarter, compared to the consensus estimate of $345.88 million. Mitel Networks had a negative return on equity of 14.28% and a negative net margin of 4.69%. The company’s revenue for the quarter was up 37.0% compared to the same quarter last year. During the same period last year, the firm earned $0.22 earnings per share. Mitel Networks updated its Q1 guidance to $0.07-0.13 EPS.
Mitel Networks (MITL) opened at $8.58 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.00 and a debt-to-equity ratio of 1.94. Mitel Networks has a twelve month low of $6.21 and a twelve month high of $9.39. The stock has a market cap of $1,004.56, a PE ratio of -20.93 and a beta of 2.59.
Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its holdings in Mitel Networks by 295.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,744 shares of the communications equipment provider’s stock worth $105,000 after acquiring an additional 9,519 shares during the last quarter. FDx Advisors Inc. bought a new position in Mitel Networks in the third quarter worth about $125,000. Allianz Asset Management GmbH bought a new position in Mitel Networks in the third quarter worth about $146,000. Highstreet Asset Management Inc. bought a new position in Mitel Networks in the fourth quarter worth about $151,000. Finally, Wells Fargo & Company MN lifted its holdings in Mitel Networks by 90.0% in the fourth quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock worth $152,000 after acquiring an additional 8,729 shares during the last quarter. 77.94% of the stock is currently owned by hedge funds and other institutional investors.
MITL has been the subject of a number of research reports. Royal Bank of Canada reiterated a “hold” rating and issued a $8.50 price target on shares of Mitel Networks in a research note on Thursday, November 2nd. Zacks Investment Research downgraded Mitel Networks from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 9th. TheStreet downgraded Mitel Networks from a “b” rating to a “c” rating in a research note on Tuesday, November 14th. BidaskClub downgraded Mitel Networks from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. Finally, Craig Hallum initiated coverage on Mitel Networks in a research note on Thursday, December 14th. They issued a “buy” rating and a $14.00 price target for the company. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Mitel Networks presently has a consensus rating of “Hold” and a consensus target price of $12.50.
ILLEGAL ACTIVITY WARNING: This news story was reported by Transcript Daily and is the property of of Transcript Daily. If you are reading this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright law. The legal version of this news story can be read at https://transcriptdaily.com/2018/02/24/mitel-networks-mitl-announces-earnings-results-beats-estimates-by-0-08-eps.html.
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.
Receive News & Ratings for Mitel Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitel Networks and related companies with MarketBeat.com's FREE daily email newsletter.