Analysts expect that Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) will announce earnings per share (EPS) of $0.26 for the current quarter, Zacks reports. Zero analysts have provided estimates for Mitel Networks’ earnings. Mitel Networks reported earnings per share of $0.13 in the same quarter last year, which would indicate a positive year over year growth rate of 100%. The company is expected to announce its next quarterly earnings report on Thursday, July 26th.
On average, analysts expect that Mitel Networks will report full-year earnings of $0.94 per share for the current financial year, with EPS estimates ranging from $0.92 to $0.95. For the next fiscal year, analysts forecast that the firm will report earnings of $1.27 per share, with EPS estimates ranging from $1.26 to $1.28. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Mitel Networks.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.30. Mitel Networks had a negative net margin of 4.31% and a negative return on equity of 14.62%. The company had revenue of $313.80 million during the quarter, compared to the consensus estimate of $309.50 million.
MITL stock traded down $0.01 during midday trading on Friday, reaching $11.15. 66,129 shares of the company were exchanged, compared to its average volume of 3,634,223. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.63. Mitel Networks has a 1-year low of $11.15 and a 1-year high of $11.17. The stock has a market cap of $1.35 billion, a P/E ratio of -27.88 and a beta of 2.45.
Mitel Networks announced that its board has authorized a share repurchase program on Wednesday, March 7th that authorizes the company to buyback 61,000,000 outstanding shares. This buyback authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, Chairman Terence H. Matthews sold 843,397 shares of Mitel Networks stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $8.14, for a total value of $6,865,251.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mahawa Vanessa Touray sold 5,906 shares of Mitel Networks stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $8.03, for a total transaction of $47,425.18. Following the completion of the transaction, the insider now directly owns 352,831 shares in the company, valued at $2,833,232.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,056,525 shares of company stock worth $8,602,948. 5.60% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in Mitel Networks by 148.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 100,272 shares of the communications equipment provider’s stock valued at $841,000 after buying an additional 59,839 shares during the period. JPMorgan Chase & Co. acquired a new position in Mitel Networks in the 3rd quarter valued at $588,000. Montrusco Bolton Investments Inc. acquired a new position in Mitel Networks in the 4th quarter valued at $843,000. CWM LLC acquired a new position in Mitel Networks in the 4th quarter valued at $3,981,000. Finally, Bank of Montreal Can increased its stake in Mitel Networks by 30.1% in the 4th quarter. Bank of Montreal Can now owns 166,828 shares of the communications equipment provider’s stock valued at $1,374,000 after buying an additional 38,562 shares during the period. 81.03% of the stock is currently owned by institutional investors and hedge funds.
About Mitel Networks
Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.
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