Mitel Networks (NASDAQ:MITL) (TSE:MNW) is scheduled to issue its quarterly earnings data before the market opens on Thursday, May 3rd. Analysts expect the company to announce earnings of $0.14 per share for the quarter. Mitel Networks has set its Q1 guidance at $0.07-0.13 EPS.
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 (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.08. The firm had revenue of $355.90 million for the quarter, compared to analyst estimates of $345.88 million. Mitel Networks had a negative return on equity of 14.20% and a negative net margin of 4.69%. The business’s revenue was up 37.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 earnings per share. On average, analysts expect Mitel Networks to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.
Shares of NASDAQ:MITL opened at $11.13 on Thursday. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $1,231.01, a PE ratio of -27.83 and a beta of 2.45. Mitel Networks has a 1 year low of $6.21 and a 1 year high of $11.31.
Mitel Networks announced that its Board of Directors has initiated a share buyback program on Wednesday, March 7th that permits the company to repurchase 61,000,000 outstanding shares. This repurchase authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO Steven Edward Spooner sold 4,100 shares of Mitel Networks stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $8.40, for a total transaction of $34,440.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Terence H. Matthews sold 6,870 shares of Mitel Networks stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $8.40, for a total value of $57,708.00. Following the transaction, the chairman now owns 59,084 shares in the company, valued at approximately $496,305.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,056,525 shares of company stock worth $8,602,948. 5.60% of the stock is currently owned by company insiders.
A hedge fund recently raised its stake in Mitel Networks stock. State Street Corp increased its stake in shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 5.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 127,946 shares of the communications equipment provider’s stock after buying an additional 6,785 shares during the quarter. State Street Corp owned about 0.11% of Mitel Networks worth $939,000 at the end of the most recent reporting period. 80.23% of the stock is currently owned by institutional investors and hedge funds.
MITL has been the topic of a number of research analyst reports. BidaskClub raised Mitel Networks from a “hold” rating to a “buy” rating in a research note on Friday, April 20th. ValuEngine raised Mitel Networks from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research raised Mitel Networks from a “sell” rating to a “hold” rating in a research note on Saturday, March 3rd. National Bank Financial lowered Mitel Networks from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, April 11th. Finally, Royal Bank of Canada lifted their price target on Mitel Networks from $8.50 to $9.50 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Mitel Networks currently has an average rating of “Buy” and a consensus price target of $13.05.
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About Mitel Networks
Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.
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