Zacks: Mitel Networks Corporation (MITL) Given Average Rating of “Buy” by Brokerages

Shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) have received a consensus broker rating score of 1.75 (Buy) from the four brokers that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation, one has issued a buy recommendation and two have assigned a strong buy recommendation to the company. Mitel Networks Corporation’s rating score has improved by 12.5% from 90 days ago as a result of a number of analysts’ ratings changes.

Analysts have set a one year consensus target price of $9.00 for the company and are anticipating that the company will post $0.20 EPS for the current quarter, according to Zacks. Zacks has also given Mitel Networks Corporation an industry rank of 173 out of 265 based on the ratings given to related companies.

Several research analysts have recently commented on MITL shares. Zacks Investment Research lowered Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. National Bank Financial downgraded Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a research report on Thursday, May 4th. Royal Bank Of Canada reiterated a “hold” rating and issued a $7.50 price objective on shares of Mitel Networks Corporation in a research report on Tuesday, May 2nd. TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Finally, BidaskClub downgraded Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th.

In other news, insider Gregory James Hiscock sold 3,750 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $7.34, for a total value of $27,525.00. Following the sale, the insider now directly owns 12,313 shares of the company’s stock, valued at $90,377.42. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mahawa Vanessa Touray sold 10,933 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $8.09, for a total value of $88,447.97. Following the completion of the sale, the insider now directly owns 2,770 shares in the company, valued at $22,409.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,122,676 shares of company stock valued at $16,307,136. 16.50% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the stock. Campbell & CO Investment Adviser LLC acquired a new stake in Mitel Networks Corporation during the second quarter valued at approximately $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 valued at $113,000 after buying an additional 570 shares during the period. 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 valued at $115,000 after buying an additional 7,483 shares during the period. 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 valued at $117,000 after buying an additional 1,818 shares during the period. Finally, Cullen Capital Management LLC acquired a new stake in Mitel Networks Corporation during the second quarter valued at approximately $125,000. 82.54% of the stock is currently owned by institutional investors.

Mitel Networks Corporation (NASDAQ MITL) traded up 3.09% during midday trading on Friday, hitting $8.35. 1,269,741 shares of the stock were exchanged. The company’s market capitalization is $987.36 million. Mitel Networks Corporation has a 1-year low of $6.21 and a 1-year high of $8.94. The company’s 50 day moving average is $7.80 and its 200 day moving average is $7.16.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Thursday, July 27th. The communications equipment provider reported $0.13 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $238.60 million during the quarter, compared to analyst estimates of $244.55 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. Mitel Networks Corporation’s revenue was down 8.3% on a year-over-year basis. Analysts predict that Mitel Networks Corporation will post $0.71 earnings per share for the current fiscal 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.

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