Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) has received a consensus recommendation of “Hold” from the seven brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $12.17.
A number of brokerages recently commented on MITL. BidaskClub lowered shares of Mitel Networks from a “sell” rating to a “strong sell” rating in a report on Thursday, December 7th. Zacks Investment Research lowered shares of Mitel Networks from a “hold” rating to a “sell” rating in a report on Thursday. National Bank Financial raised their price objective on shares of Mitel Networks from $10.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, October 23rd. Royal Bank of Canada restated a “hold” rating and set a $8.50 price objective on shares of Mitel Networks in a report on Thursday, November 2nd. Finally, TheStreet lowered shares of Mitel Networks from a “b” rating to a “c” rating in a report on Tuesday, November 14th.
Mitel Networks (NASDAQ MITL) traded up $0.35 on Monday, reaching $8.92. 2,614,566 shares of the company’s stock traded hands, compared to its average volume of 1,179,071. 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 capitalization of $1,340.00, a price-to-earnings ratio of -223.00 and a beta of 2.66. Mitel Networks has a 12 month low of $6.21 and a 12 month high of $9.13.
In related news, insider Richard D. Mcbee acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The shares were acquired at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the acquisition, the insider now directly owns 268,047 shares in the company, valued at approximately $2,144,376. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 5,244 shares of company stock worth $41,773. 16.50% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of MITL. Bank of New York Mellon Corp grew its position in Mitel Networks by 54.1% in the second quarter. Bank of New York Mellon Corp now owns 40,433 shares of the communications equipment provider’s stock valued at $298,000 after purchasing an additional 14,191 shares in the last quarter. Federated Investors Inc. PA grew its position in Mitel Networks by 14.6% in the second quarter. Federated Investors Inc. PA now owns 193,790 shares of the communications equipment provider’s stock valued at $1,425,000 after purchasing an additional 24,680 shares in the last quarter. Engineers Gate Manager LP grew its position in Mitel Networks by 30.7% in the second quarter. Engineers Gate Manager LP now owns 71,750 shares of the communications equipment provider’s stock valued at $527,000 after purchasing an additional 16,840 shares in the last quarter. Systematic Financial Management LP bought a new position in Mitel Networks in the second quarter valued at $1,770,000. Finally, Alliancebernstein L.P. grew its position in Mitel Networks by 11.2% in the second quarter. Alliancebernstein L.P. now owns 3,605,024 shares of the communications equipment provider’s stock valued at $26,497,000 after purchasing an additional 364,370 shares in the last quarter. 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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