Mitel Networks (MITL) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a strong sell rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “Mitel Networks is a provider of integrated communications solutions focused on the SME market. Its portfolio of IP-based communications solutions consists of IP telephony platforms, unified communications and collaboration applications and managed and network services. By integrating voice, video and data communications with business applications, Mitel enables businesses to improve their performance. Mitel involves in the market evolution to unified communications and collaboration, enabling customers to move beyond basic fixed telephony and disparate communications tools toward integrated multi-media communications and collaboration between users, wherever they may be located. Mitel’s U.S. headquarters are in Phoenix, Arizona. Global headquarters are in Ottawa, Canada, with offices, partners, and resellers worldwide. “

A number of other analysts have also recently commented on the company. TheStreet cut Mitel Networks from a b rating to a c rating in a research report on Tuesday, November 14th. Royal Bank Of Canada restated a hold rating and issued a $8.50 price target on shares of Mitel Networks in a research report on Thursday, November 2nd. National Bank Financial upped their price target on Mitel Networks from $10.00 to $14.00 and gave the stock an outperform rating in a research report on Monday, October 23rd. Finally, BidaskClub lowered Mitel Networks from a strong-buy rating to a buy rating in a research note on Saturday, August 12th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $11.25.

Shares of Mitel Networks (NASDAQ:MITL) traded down $0.21 on Tuesday, reaching $7.44. The company’s stock had a trading volume of 1,185,600 shares, compared to its average volume of 707,056. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.00 and a quick ratio of 0.77. Mitel Networks has a fifty-two week low of $6.21 and a fifty-two week high of $9.13.

In other news, insider Richard D. Mcbee purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was bought at an average cost of $8.00 per share, with a total value of $80,000.00. Following the completion of the purchase, the insider now owns 268,047 shares in the company, valued at $2,144,376. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Associates L.P. Elliott sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $8.15, for a total value of $203,750.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 534,644 shares of company stock valued at $4,406,479. Corporate insiders own 16.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. 1st Global Advisors Inc. boosted its stake in Mitel Networks by 1.4% during the second quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock valued at $174,000 after buying an additional 337 shares during the last quarter. River Road Asset Management LLC bought a new position in Mitel Networks during the second quarter valued at approximately $26,104,000. Sentry Investments Corp. bought a new position in Mitel Networks during the second quarter valued at approximately $12,866,000. Paradigm Capital Management Inc. NY boosted its stake in Mitel Networks by 37.0% during 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 during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Mitel Networks by 362.9% during the second quarter. Goldman Sachs Group Inc. now owns 67,206 shares of the communications equipment provider’s stock valued at $494,000 after buying an additional 52,686 shares during the last quarter. 80.05% of the stock is owned by institutional investors.

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Mitel Networks 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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