Mitel Networks (MITL) Upgraded to “Buy” by BidaskClub

BidaskClub upgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a hold rating to a buy rating in a report published on Thursday.

MITL has been the subject of several other reports. Zacks Investment Research raised Mitel Networks from a sell rating to a hold rating in a report on Saturday, March 3rd. National Bank Financial downgraded Mitel Networks from an outperform rating to a sector perform rating in a report on Wednesday, April 11th. ValuEngine raised Mitel Networks from a buy rating to a strong-buy rating in a report on Wednesday, May 2nd. Royal Bank of Canada increased their price objective on Mitel Networks from $9.50 to $11.15 and gave the company a sector perform rating in a report on Wednesday, April 25th. Finally, Craig Hallum downgraded Mitel Networks from a buy rating to a hold rating and set a $14.00 price objective for the company. in a report on Tuesday, May 15th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $13.05.

Shares of Mitel Networks stock opened at $10.97 on Thursday. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -27.43 and a beta of 2.43. Mitel Networks has a 52 week low of $6.99 and a 52 week high of $11.31. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.88 and a current ratio of 1.06.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.30. The company had revenue of $313.80 million for the quarter, compared to analyst estimates of $309.50 million. Mitel Networks had a negative net margin of 4.31% and a negative return on equity of 14.62%.

Mitel Networks announced that its board has authorized a stock buyback plan on Wednesday, March 7th that permits the company to repurchase 61,000,000 shares. This repurchase authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Several hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Mitel Networks by 295.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 12,744 shares of the communications equipment provider’s stock worth $105,000 after purchasing an additional 9,519 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Mitel Networks by 90.0% during the fourth quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock worth $152,000 after purchasing an additional 8,729 shares during the period. AXA acquired a new stake in shares of Mitel Networks during the fourth quarter worth $222,000. Jane Street Group LLC acquired a new stake in shares of Mitel Networks during the fourth quarter worth $222,000. Finally, 22NW LP acquired a new stake in shares of Mitel Networks during the first quarter worth $234,000. 83.43% 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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