Mitel Networks Corporation (MITL) Insider Richard D. Mcbee Sells 50,000 Shares

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) insider Richard D. Mcbee sold 50,000 shares of Mitel Networks Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $8.14, for a total value of $407,000.00. Following the completion of the sale, the insider now directly owns 317,647 shares in the company, valued at $2,585,646.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Mitel Networks Corporation (NASDAQ:MITL) opened at 8.24 on Friday. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week high of $8.94. The firm’s market capitalization is $974.36 million. The stock’s 50 day moving average price is $7.78 and its 200 day moving average price is $7.15.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 EPS for the quarter, beating the Zacks’ 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 the consensus estimate of $244.55 million. During the same period in the previous year, the firm posted $0.19 earnings per share. Mitel Networks Corporation’s quarterly revenue was down 8.3% compared to the same quarter last year. Analysts expect that Mitel Networks Corporation will post $0.71 earnings per share for the current year.

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MITL has been the topic of a number of research analyst reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $7.50 price target on shares of Mitel Networks Corporation in a research note on Tuesday, May 2nd. Zacks Investment Research downgraded Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research 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. BidaskClub downgraded Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Finally, TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $9.25.

Several large investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its stake in shares of Mitel Networks Corporation by 11.2% in the second quarter. Alliancebernstein L.P. now owns 3,605,024 shares of the communications equipment provider’s stock valued at $26,497,000 after buying an additional 364,370 shares during the last quarter. River Road Asset Management LLC bought a new position in Mitel Networks Corporation during the second quarter valued at about $26,104,000. Investment Counselors of Maryland LLC boosted its position in Mitel Networks Corporation by 11.1% in the second quarter. Investment Counselors of Maryland LLC now owns 2,979,332 shares of the communications equipment provider’s stock valued at $21,898,000 after buying an additional 297,200 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its position in Mitel Networks Corporation by 37.0% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,838,000 shares of the communications equipment provider’s stock valued at $20,859,000 after buying an additional 766,200 shares in the last quarter. Finally, Cumberland Partners Ltd boosted its position in Mitel Networks Corporation by 18.5% in the second quarter. Cumberland Partners Ltd now owns 2,401,430 shares of the communications equipment provider’s stock valued at $17,628,000 after buying an additional 374,500 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors.

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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