Mitel Networks Corporation (MITL) Lowered to Buy at BidaskClub

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

A number of other equities research analysts have also recently issued reports on MITL. Royal Bank Of Canada reissued a “hold” rating and issued a $7.50 target price on shares of Mitel Networks Corporation in a research report on Tuesday, May 2nd. National Bank Financial cut shares of Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a research report on Thursday, May 4th. Zacks Investment Research cut shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th. Finally, TheStreet raised shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $9.25.

Mitel Networks Corporation (NASDAQ:MITL) opened at 8.20 on Friday. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.94. The stock’s 50 day moving average is $7.64 and its 200-day moving average is $7.11. The company’s market capitalization is $969.63 million.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last announced its earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.14. The company had revenue of $238.60 million during the quarter, compared to analysts’ expectations of $244.55 million. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. Mitel Networks Corporation’s quarterly revenue was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 earnings per share. On average, equities analysts predict that Mitel Networks Corporation will post $0.71 earnings per share for the current fiscal year.

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In related news, insider Thomas Gerald Lokar sold 18,736 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $8.64, for a total transaction of $161,879.04. Following the completion of the sale, the insider now owns 14,752 shares of the company’s stock, valued at $127,457.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Terence H. Matthews sold 971,900 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $7.08, for a total transaction of $6,881,052.00. Following the sale, the chairman now directly owns 40,703 shares of the company’s stock, valued at approximately $288,177.24. The disclosure for this sale can be found here. In the last three months, insiders sold 2,115,449 shares of company stock valued at $16,243,373. 16.50% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Campbell & CO Investment Adviser LLC purchased a new stake in Mitel Networks Corporation during the second quarter valued at $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 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 valued at $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 valued at $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 valued at $137,000 after buying an additional 6,401 shares in the last quarter. 78.92% of the stock is owned by institutional investors and hedge funds.

Mitel Networks Corporation Company Profile

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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