BidaskClub Upgrades Mitel Networks (MITL) to “Strong-Buy”

Mitel Networks (NASDAQ:MITL) (TSE:MNW) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued on Wednesday.

Other analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Mitel Networks from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of Mitel Networks from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, October 16th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. Mitel Networks presently has a consensus rating of “Buy” and a consensus target price of $12.38.

NASDAQ MITL opened at $10.98 on Wednesday. Mitel Networks has a one year low of $7.13 and a one year high of $11.31. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.77 and a current ratio of 0.94. The company has a market capitalization of $1.35 billion, a P/E ratio of -27.45 and a beta of 2.17.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings results on Wednesday, August 1st. The communications equipment provider reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.05. Mitel Networks had a negative net margin of 1.07% and a negative return on equity of 3.71%. The firm had revenue of $324.70 million for the quarter. Equities research analysts predict that Mitel Networks will post -0.26 EPS for the current year.

In other Mitel Networks news, EVP Todd Abbott sold 2,448 shares of the stock in a transaction that occurred on 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 owns 7,552 shares of the company’s stock, valued at $83,147.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter Charbonneau sold 10,460 shares of the stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 43,019 shares of company stock valued at $472,596 in the last ninety days. 5.60% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. FNY Investment Advisers LLC acquired a new stake in Mitel Networks in the third quarter valued at approximately $3,766,000. Bank of Montreal Can grew its position in shares of Mitel Networks by 6.5% during the third quarter. Bank of Montreal Can now owns 192,101 shares of the communications equipment provider’s stock worth $2,116,000 after buying an additional 11,692 shares in the last quarter. Exane Asset Management acquired a new stake in shares of Mitel Networks during the second quarter worth approximately $4,594,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Mitel Networks during the second quarter worth approximately $3,324,000. Finally, Millennium Management LLC grew its position in shares of Mitel Networks by 325.5% during the second quarter. Millennium Management LLC now owns 342,747 shares of the communications equipment provider’s stock worth $3,760,000 after buying an additional 262,196 shares in the last quarter. 80.22% of the stock is owned by institutional investors.

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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