Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) Chairman Terence H. Matthews sold 146,792 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $8.18, for a total value of $1,200,758.56. Following the transaction, the chairman now owns 54,205 shares of the company’s stock, valued at $443,396.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Mitel Networks Corp (NASDAQ MITL) traded up $0.51 during mid-day trading on Wednesday, hitting $9.20. The company had a trading volume of 2,797,718 shares, compared to its average volume of 1,355,174. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.84 and a current ratio of 1.03. The firm has a market cap of $1,042.94, a price-to-earnings ratio of -21.44 and a beta of 2.58. Mitel Networks Corp has a twelve month low of $6.21 and a twelve month high of $9.39.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.08. The business 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 EPS. equities research analysts forecast that Mitel Networks Corp will post -0.26 earnings per share for the current fiscal year.
Mitel Networks announced that its board has initiated a stock buyback plan on Wednesday, March 7th that permits the company to buyback 61,000,000 outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Several hedge funds have recently bought and sold shares of MITL. FMR LLC increased its position in Mitel Networks by 2.2% in the second quarter. FMR LLC now owns 202,800 shares of the communications equipment provider’s stock worth $1,491,000 after buying an additional 4,310 shares during the period. Cumberland Partners Ltd increased its position in Mitel Networks by 0.3% in the fourth quarter. Cumberland Partners Ltd now owns 2,394,730 shares of the communications equipment provider’s stock worth $19,857,000 after buying an additional 6,600 shares during the period. State Street Corp increased its position in Mitel Networks by 5.6% in the second quarter. State Street Corp now owns 127,946 shares of the communications equipment provider’s stock worth $939,000 after buying an additional 6,785 shares during the period. Ellington Management Group LLC increased its position in Mitel Networks by 14.3% in the fourth quarter. Ellington Management Group LLC now owns 55,300 shares of the communications equipment provider’s stock worth $455,000 after buying an additional 6,900 shares during the period. Finally, Wells Fargo & Company MN increased its position in 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. 80.75% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently commented on the company. BidaskClub upgraded Mitel Networks from a “strong sell” rating to a “sell” rating in a research note on Thursday, February 22nd. Royal Bank of Canada increased their target price on Mitel Networks from $8.50 to $9.50 and gave the company a “sector perform” rating in a research note on Friday, February 16th. Zacks Investment Research cut Mitel Networks from a “hold” rating to a “sell” rating in a research note on Thursday, January 11th. GARP Research assumed coverage on Mitel Networks in a research note on Tuesday, December 19th. They set a “buy” rating for the company. Finally, TheStreet cut Mitel Networks from a “b” rating to a “c” rating in a research note on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, two have issued 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 $12.50.
About Mitel Networks
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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