TheStreet cut shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) from a b rating to a c rating in a research note published on Tuesday morning.
A number of other research firms have also weighed in on MITL. BidaskClub raised Mitel Networks Corporation from a buy rating to a strong-buy rating in a research note on Thursday, August 3rd. National Bank Financial upped their price objective on Mitel Networks Corporation from $10.00 to $14.00 and gave the stock an outperform rating in a research note on Monday, October 23rd. Royal Bank Of Canada reaffirmed a hold rating and issued a $8.50 price objective on shares of Mitel Networks Corporation in a research note on Thursday, November 2nd. Finally, Zacks Investment Research raised Mitel Networks Corporation from a strong sell rating to a hold rating in a research note on Wednesday, September 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $11.25.
Mitel Networks Corporation (MITL) opened at $7.65 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. Mitel Networks Corporation has a one year low of $6.21 and a one year high of $9.13.
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In related news, major shareholder Associates L.P. Elliott sold 154,184 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $8.29, for a total transaction of $1,278,185.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder International L.P. Elliott sold 192,277 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $8.30, for a total value of $1,595,899.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 989,842 shares of company stock valued at $8,168,255. Corporate insiders own 16.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in MITL. Campbell & CO Investment Adviser LLC bought a new position in Mitel Networks Corporation during the second quarter valued at approximately $109,000. UBS Group AG boosted its stake in Mitel Networks Corporation by 3.6% during 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 during the last quarter. Cullen Capital Management LLC bought a new position in Mitel Networks Corporation during the second quarter valued at approximately $125,000. FDx Advisors Inc. bought a new position in Mitel Networks Corporation during the third quarter valued at approximately $125,000. Finally, Quantbot Technologies LP bought a new position in Mitel Networks Corporation during the second quarter valued at approximately $143,000. 79.12% of the stock is owned by institutional investors.
About Mitel Networks Corporation
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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