Mitel Networks Corporation (MITL) Posts Earnings Results, Misses Expectations By $0.03 EPS

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) posted its quarterly earnings results on Thursday. The communications equipment provider reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03), Briefing.com reports. The firm had revenue of $241.50 million for the quarter, compared to analysts’ expectations of $236.45 million. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS.

A number of research analysts recently weighed in on the stock. BidaskClub downgraded shares of Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Royal Bank Of Canada increased their price objective on shares of Mitel Networks Corporation from $7.50 to $8.50 and gave the company a “sector perform” rating in a research report on Friday, July 28th. National Bank Financial increased their price objective on shares of Mitel Networks Corporation from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. TheStreet upgraded shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $11.25.

In other Mitel Networks Corporation news, Chairman Terence H. Matthews sold 350,000 shares of Mitel Networks Corporation stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $8.35, for a total transaction of $2,922,500.00. Following the completion of the sale, the chairman now directly owns 40,703 shares in the company, valued at approximately $339,870.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Associates L.P. Elliott sold 350,475 shares of Mitel Networks Corporation stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $8.25, for a total transaction of $2,891,418.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,805,691 shares of company stock worth $14,974,444. 16.50% of the stock is owned by insiders.

An institutional investor recently raised its position in Mitel Networks Corporation stock. State Street Corp raised its holdings in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 127,946 shares of the communications equipment provider’s stock after acquiring an additional 6,785 shares during the period. State Street Corp owned approximately 0.11% of Mitel Networks Corporation worth $939,000 at the end of the most recent quarter. 79.36% of the stock is currently owned by institutional investors and hedge funds.

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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.

Earnings History for Mitel Networks Corporation (NASDAQ:MITL)

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