BidaskClub cut shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a buy rating to a hold rating in a research note published on Friday morning.
A number of other equities research analysts also recently issued reports on MITL. Royal Bank of Canada upped their price objective on Mitel Networks from $8.50 to $9.50 and gave the company a sector perform rating in a research report on Friday, February 16th. Zacks Investment Research upgraded Mitel Networks from a sell rating to a hold rating in a report on Saturday, March 3rd. ValuEngine upgraded Mitel Networks from a hold rating to a buy rating in a report on Monday, April 2nd. National Bank Financial downgraded Mitel Networks from an outperform rating to a sector perform rating in a report on Wednesday, April 11th. Finally, Craig Hallum downgraded Mitel Networks from a buy rating to a hold rating and set a $14.00 price target on the stock. in a report on Tuesday, May 15th. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $13.05.
Shares of MITL stock opened at $11.03 on Friday. Mitel Networks has a 1 year low of $6.99 and a 1 year high of $11.31. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.63. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -27.58 and a beta of 2.43.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Wednesday, May 2nd. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.30. Mitel Networks had a negative return on equity of 14.62% and a negative net margin of 4.31%. The business had revenue of $313.80 million for the quarter, compared to the consensus estimate of $309.50 million. equities research analysts anticipate that Mitel Networks will post -0.26 earnings per share for the current fiscal year.
Mitel Networks announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 7th that allows the company to repurchase 61,000,000 outstanding shares. This repurchase authorization allows the communications equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of MITL. Bank of Montreal Can raised its holdings in shares of Mitel Networks by 30.1% in the fourth quarter. Bank of Montreal Can now owns 166,828 shares of the communications equipment provider’s stock worth $1,374,000 after buying an additional 38,562 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Mitel Networks in the fourth quarter worth approximately $731,000. Teacher Retirement System of Texas purchased a new stake in shares of Mitel Networks in the fourth quarter worth approximately $250,000. Wells Fargo & Company MN raised its holdings in shares of Mitel Networks by 90.0% in the fourth quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock worth $152,000 after buying an additional 8,729 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Mitel Networks by 41.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 114,026 shares of the communications equipment provider’s stock worth $938,000 after buying an additional 33,419 shares during the period. Hedge funds and other institutional investors own 84.46% of the company’s stock.
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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