Mitel Networks (MITL) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a hold rating to a sell rating in a report released on Thursday morning.

According to Zacks, “Mitel Networks is a provider of integrated communications solutions focused on the SME market. Its portfolio of IP-based communications solutions consists of IP telephony platforms, unified communications and collaboration applications and managed and network services. By integrating voice, video and data communications with business applications, Mitel enables businesses to improve their performance. Mitel involves in the market evolution to unified communications and collaboration, enabling customers to move beyond basic fixed telephony and disparate communications tools toward integrated multi-media communications and collaboration between users, wherever they may be located. Mitel’s U.S. headquarters are in Phoenix, Arizona. Global headquarters are in Ottawa, Canada, with offices, partners, and resellers worldwide. “

A number of other analysts have also commented on the company. BidaskClub lowered Mitel Networks from a sell rating to a strong sell rating in a research note on Thursday, December 7th. TheStreet lowered Mitel Networks from a b rating to a c rating in a research note on Tuesday, November 14th. Craig Hallum started coverage on Mitel Networks in a research note on Thursday, December 14th. They set a buy rating and a $14.00 price objective on the stock. National Bank Financial increased their price objective on Mitel Networks from $10.00 to $14.00 and gave the company an outperform rating in a research note on Monday, October 23rd. Finally, Royal Bank of Canada reaffirmed a hold rating and set a $8.50 price objective on shares of Mitel Networks in a research note on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $12.17.

Mitel Networks (NASDAQ:MITL) traded down $0.04 on Thursday, hitting $8.88. The company had a trading volume of 876,100 shares, compared to its average volume of 1,145,400. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $1,330.00, a price-to-earnings ratio of -222.00 and a beta of 2.66. Mitel Networks has a fifty-two week low of $6.21 and a fifty-two week high of $9.13.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings data on Thursday, November 2nd. The communications equipment provider reported ($0.23) EPS for the quarter. Mitel Networks had a negative net margin of 26.71% and a negative return on equity of 9.36%. research analysts forecast that Mitel Networks will post -0.47 earnings per share for the current fiscal year.

In other Mitel Networks news, insider Richard D. Mcbee purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were purchased at an average cost of $8.00 per share, with a total value of $80,000.00. Following the purchase, the insider now owns 268,047 shares in the company, valued at $2,144,376. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 5,244 shares of company stock worth $41,773. 16.50% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. Cullen Capital Management LLC acquired a new stake in Mitel Networks in the 2nd quarter worth about $125,000. FDx Advisors Inc. acquired a new stake in Mitel Networks in the 3rd quarter worth about $125,000. Quantbot Technologies LP acquired a new stake in Mitel Networks in the 2nd quarter worth about $143,000. Allianz Asset Management GmbH acquired a new stake in Mitel Networks in the 3rd quarter worth about $146,000. Finally, 1st Global Advisors Inc. boosted its stake in Mitel Networks by 1.4% in the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after buying an additional 337 shares during the last quarter. 80.05% of the stock is currently owned by hedge funds and other institutional investors.

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Mitel Networks Company Profile

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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