Mitel Networks Corporation (MITL) Shares Up 3.5% After Analyst Upgrade

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW)’s share price shot up 3.5% during mid-day trading on Friday after Royal Bank Of Canada raised their price target on the stock from $7.50 to $8.50. Royal Bank Of Canada currently has a sector perform rating on the stock. Mitel Networks Corporation traded as high as $8.09 and last traded at $8.22, with a volume of 948,748 shares traded. The stock had previously closed at $7.94.

Several other equities analysts have also recently issued reports on MITL. BidaskClub cut Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $7.50 to $10.00 in a research report on Friday. Finally, Zacks Investment Research cut Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th.

In related news, insider Richard D. Mcbee sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $7.26, for a total value of $580,800.00. Following the sale, the insider now owns 347,647 shares in the company, valued at approximately $2,523,917.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Terence H. Matthews sold 971,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $7.08, for a total value of $6,881,052.00. Following the completion of the sale, the chairman now owns 40,703 shares in the company, valued at approximately $288,177.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,114,356 shares of company stock worth $7,902,912. Insiders own 16.50% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC purchased a new stake in Mitel Networks Corporation during the second quarter worth $109,000. UBS Group AG boosted its stake in Mitel Networks Corporation by 3.6% in the first quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 570 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Mitel Networks Corporation by 146.4% in the first quarter. Tower Research Capital LLC TRC now owns 12,595 shares of the communications equipment provider’s stock worth $115,000 after buying an additional 7,483 shares in the last quarter. Stevens Capital Management LP boosted its stake in Mitel Networks Corporation by 12.1% in the first quarter. Stevens Capital Management LP now owns 16,888 shares of the communications equipment provider’s stock worth $117,000 after buying an additional 1,818 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in Mitel Networks Corporation by 47.7% in the first quarter. Toronto Dominion Bank now owns 19,827 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 6,401 shares in the last quarter. Institutional investors and hedge funds own 75.11% of the company’s stock.

The stock’s market cap is $1.04 billion. The firm has a 50 day moving average price of $7.32 and a 200-day moving average price of $7.02.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Mitel Networks Corporation had a positive return on equity of 8.69% and a negative net margin of 20.19%. The company had revenue of $238.60 million for the quarter, compared to the consensus estimate of $244.55 million. During the same period in the prior year, the company earned $0.19 EPS. The firm’s revenue was down 8.3% on a year-over-year basis. On average, equities analysts expect that Mitel Networks Corporation will post $0.68 earnings per share for the current year.

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.