Mitel Networks (MITL) Downgraded by BidaskClub

BidaskClub downgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a sell rating to a strong sell rating in a report released on Friday.

Separately, ValuEngine downgraded Mitel Networks from a strong-buy rating to a buy rating in a research note on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $13.05.

Shares of NASDAQ:MITL opened at $11.02 on Friday. The stock has a market capitalization of $1.35 billion, a PE ratio of -27.54 and a beta of 2.29. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.87 and a current ratio of 1.05. Mitel Networks has a 1 year low of $7.13 and a 1 year high of $11.31.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings data on Wednesday, August 1st. The communications equipment provider reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $324.70 million for the quarter. Mitel Networks had a negative return on equity of 9.58% and a negative net margin of 2.76%. equities research analysts forecast that Mitel Networks will post -0.26 EPS for the current fiscal year.

In related news, Director Peter Charbonneau sold 10,460 shares of the business’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $11.01, for a total value of $115,164.60. Following the completion of the sale, the director now directly owns 60,346 shares of the company’s stock, valued at approximately $664,409.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Todd Abbott sold 2,448 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total value of $26,952.48. Following the completion of the sale, the executive vice president now directly owns 7,552 shares of the company’s stock, valued at $83,147.52. The disclosure for this sale can be found here. Insiders sold a total of 43,019 shares of company stock worth $472,596 over the last three months. 5.60% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of MITL. Wells Fargo & Company MN increased its position in Mitel Networks by 4,467.5% in the 1st quarter. Wells Fargo & Company MN now owns 841,611 shares of the communications equipment provider’s stock valued at $7,810,000 after buying an additional 823,185 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Mitel Networks by 15.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 596,874 shares of the communications equipment provider’s stock valued at $5,539,000 after buying an additional 80,718 shares in the last quarter. Neuberger Berman Group LLC increased its position in Mitel Networks by 17.8% in the 1st quarter. Neuberger Berman Group LLC now owns 1,288,669 shares of the communications equipment provider’s stock valued at $11,959,000 after buying an additional 194,505 shares in the last quarter. BlackRock Inc. increased its position in Mitel Networks by 5.4% in the 1st quarter. BlackRock Inc. now owns 207,626 shares of the communications equipment provider’s stock valued at $1,926,000 after buying an additional 10,620 shares in the last quarter. Finally, Teton Advisors Inc. increased its position in Mitel Networks by 7.7% in the 1st quarter. Teton Advisors Inc. now owns 149,900 shares of the communications equipment provider’s stock valued at $1,391,000 after buying an additional 10,700 shares in the last quarter. 81.64% of the stock is owned by institutional investors and hedge funds.

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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