Zacks Investment Research Lowers Mitel Networks (NASDAQ:MITL) 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, January 11th.

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 analysts have also recently weighed in on MITL. GARP Research assumed coverage on shares of Mitel Networks in a research note on Tuesday, December 19th. They issued a buy rating for the company. Royal Bank of Canada reissued a hold rating and issued a $8.50 target price on shares of Mitel Networks in a report on Thursday, November 2nd. National Bank Financial raised their target price on shares of Mitel Networks from $10.00 to $14.00 and gave the company an outperform rating in a report on Monday, October 23rd. Craig Hallum initiated coverage on shares of Mitel Networks in a report on Thursday, December 14th. They issued a buy rating and a $14.00 target price on the stock. Finally, TheStreet lowered shares of Mitel Networks from a b rating to a c rating in a report on Tuesday, November 14th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $12.17.

Mitel Networks (NASDAQ MITL) traded up $0.06 during midday trading on Thursday, hitting $9.02. 1,282,305 shares of the stock were exchanged, compared to its average volume of 1,092,264. Mitel Networks has a one year low of $6.21 and a one year high of $9.16. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. The firm has a market cap of $1,350.00, a PE ratio of -225.50 and a beta of 2.66.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Thursday, November 2nd. The communications equipment provider reported ($0.23) earnings per share for the quarter. Mitel Networks had a negative return on equity of 9.36% and a negative net margin of 26.71%. The business had revenue of $241.50 million during the quarter, compared to analyst estimates of $233.50 million. equities analysts anticipate that Mitel Networks will post -0.47 EPS for the current fiscal year.

In related news, insider Richard D. Mcbee purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were bought at an average cost of $8.00 per share, with a total value of $80,000.00. Following the acquisition, the insider now owns 268,047 shares of the company’s stock, valued at approximately $2,144,376. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 5,244 shares of company stock worth $41,773 over the last ninety days. 16.50% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of MITL. River Road Asset Management LLC boosted its position in Mitel Networks by 40.3% during the 3rd quarter. River Road Asset Management LLC now owns 4,982,812 shares of the communications equipment provider’s stock worth $41,806,000 after buying an additional 1,431,222 shares during the period. Neuberger Berman Group LLC acquired a new stake in Mitel Networks during the 3rd quarter worth approximately $8,172,000. Hillsdale Investment Management Inc. acquired a new stake in Mitel Networks during the 3rd quarter worth approximately $5,761,000. OxFORD Asset Management LLP boosted its position in Mitel Networks by 890.1% during the 3rd quarter. OxFORD Asset Management LLP now owns 762,620 shares of the communications equipment provider’s stock worth $6,334,000 after buying an additional 685,592 shares during the period. Finally, CWM LLC acquired a new stake in Mitel Networks during the 4th quarter worth approximately $3,981,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

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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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