Mitel Networks (NASDAQ:MITL) Lifted to “Hold” at BidaskClub

Mitel Networks (NASDAQ:MITL) (TSE:MNW) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, March 15th.

MITL has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of Mitel Networks from a “hold” rating to a “sell” rating in a report on Thursday, January 11th. Royal Bank of Canada upped their price target on shares of Mitel Networks from $8.50 to $9.50 and gave the stock a “sector perform” rating in a report on Friday, February 16th. Craig Hallum assumed coverage on shares of Mitel Networks in a report on Thursday, December 14th. They set a “buy” rating and a $14.00 price target for the company. Finally, GARP Research assumed coverage on shares of Mitel Networks in a report on Tuesday, December 19th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $12.50.

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Shares of NASDAQ:MITL traded down $0.27 on Thursday, reaching $9.27. 1,622,426 shares of the company’s stock were exchanged, compared to its average volume of 1,671,230. Mitel Networks has a twelve month low of $6.21 and a twelve month high of $9.85. The firm has a market cap of $1,122.58, a PE ratio of -23.18 and a beta of 2.45. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.77.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.08. Mitel Networks had a negative net margin of 4.69% and a negative return on equity of 14.20%. The company had revenue of $355.90 million during the quarter, compared to the consensus estimate of $345.88 million. During the same quarter in the prior year, the firm posted $0.22 EPS. The firm’s quarterly revenue was up 37.0% on a year-over-year basis. research analysts expect that Mitel Networks will post -0.26 EPS for the current year.

Mitel Networks declared that its Board of Directors has approved a stock buyback plan on Wednesday, March 7th that authorizes the company to repurchase 61,000,000 shares. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

In related news, CFO Steven Edward Spooner sold 4,100 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $8.40, for a total value of $34,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Graham Bevington sold 8,605 shares of the stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $8.01, for a total transaction of $68,926.05. Following the completion of the transaction, the insider now directly owns 29,692 shares of the company’s stock, valued at approximately $237,832.92. The disclosure for this sale can be found here. In the last three months, insiders sold 1,056,525 shares of company stock valued at $8,602,948. 16.50% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the stock. River Road Asset Management LLC raised its stake in shares of Mitel Networks by 37.0% during the fourth quarter. River Road Asset Management LLC now owns 6,825,374 shares of the communications equipment provider’s stock valued at $56,173,000 after acquiring an additional 1,842,562 shares during the last quarter. Neuberger Berman Group LLC bought a new position in shares of Mitel Networks during the third quarter valued at $8,172,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Mitel Networks during the fourth quarter valued at $6,972,000. Hillsdale Investment Management Inc. bought a new position in shares of Mitel Networks during the third quarter valued at $5,761,000. Finally, OxFORD Asset Management LLP raised its stake in shares of Mitel Networks by 890.1% during the third quarter. OxFORD Asset Management LLP now owns 762,620 shares of the communications equipment provider’s stock valued at $6,334,000 after acquiring an additional 685,592 shares during the last quarter. 80.71% of the stock is owned by institutional investors and hedge funds.

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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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