Mitel Networks (MITL) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a hold rating to a sell rating in a research note issued to investors on Thursday.

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. “

Several other brokerages have also issued reports on MITL. National Bank Financial upped their target price on shares of Mitel Networks from $10.00 to $14.00 and gave the stock an outperform rating in a research report on Monday, October 23rd. Royal Bank of Canada restated a hold rating and set a $8.50 price target on shares of Mitel Networks in a research report on Thursday, November 2nd. GARP Research began coverage on shares of Mitel Networks in a research report on Tuesday, December 19th. They set a buy rating for the company. TheStreet lowered shares of Mitel Networks from a b rating to a c rating in a research report on Tuesday, November 14th. Finally, Craig Hallum began coverage on shares of Mitel Networks in a research report on Thursday, December 14th. They set a buy rating and a $14.00 price target for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $12.17.

Shares of Mitel Networks (NASDAQ:MITL) traded down $0.04 during trading hours on Thursday, reaching $8.88. 876,100 shares of the company traded hands, compared to its average volume of 1,145,400. Mitel Networks has a one year low of $6.21 and a one year high of $9.13. The stock has a market capitalization of $1,330.00, a price-to-earnings ratio of -222.00 and a beta of 2.66. 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 (NASDAQ:MITL) (TSE:MNW) last announced its earnings results on Thursday, November 2nd. The communications equipment provider reported ($0.23) earnings per share (EPS) for the quarter. Mitel Networks had a negative return on equity of 9.36% and a negative net margin of 26.71%. equities analysts predict that Mitel Networks will post -0.47 earnings per share for the current fiscal year.

In other Mitel Networks news, insider Richard D. Mcbee purchased 10,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was acquired at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 268,047 shares in the company, valued at approximately $2,144,376. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 5,244 shares of company stock valued at $41,773. Company insiders own 16.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MITL. Cullen Capital Management LLC purchased a new stake in Mitel Networks during the second quarter valued at about $125,000. FDx Advisors Inc. purchased a new stake in shares of Mitel Networks during the third quarter worth about $125,000. Quantbot Technologies LP purchased a new stake in shares of Mitel Networks during the second quarter worth about $143,000. Allianz Asset Management GmbH purchased a new stake in shares of Mitel Networks during the third quarter worth about $146,000. Finally, 1st Global Advisors Inc. boosted its holdings in shares of 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 worth $174,000 after purchasing an additional 337 shares during the period. Institutional investors and hedge funds own 80.05% of the company’s stock.

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About Mitel Networks

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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