Mitel Networks (MITL) Upgraded to “Buy” by Zacks Investment Research

Mitel Networks (NASDAQ:MITL) (TSE:MNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $12.00 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 8.89% from the company’s current price.

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. “

Other equities analysts have also recently issued reports about the company. BidaskClub cut Mitel Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 29th. ValuEngine cut Mitel Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 2nd. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $12.79.

MITL opened at $11.02 on Tuesday. Mitel Networks has a 12-month low of $7.13 and a 12-month high of $11.31. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.05 and a quick ratio of 0.87. The stock has a market capitalization of $1.36 billion, a PE ratio of -27.55 and a beta of 2.17.

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

In other news, Director Benjamin Ball sold 21,250 shares of the business’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $10.97, for a total value of $233,112.50. Following the completion of the sale, the director now owns 51,125 shares of the company’s stock, valued at approximately $560,841.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Peter Charbonneau sold 10,460 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 $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. In the last three months, insiders sold 43,019 shares of company stock valued at $472,596. 5.60% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank lifted its stake in shares of Mitel Networks by 17.6% in the 2nd quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock valued at $409,000 after acquiring an additional 5,598 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Mitel Networks by 2.8% in the 2nd quarter. BlackRock Inc. now owns 213,410 shares of the communications equipment provider’s stock valued at $2,341,000 after acquiring an additional 5,784 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Mitel Networks by 44.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock valued at $314,000 after acquiring an additional 8,883 shares during the last quarter. TD Asset Management Inc. lifted its stake in shares of Mitel Networks by 3.3% in the 2nd quarter. TD Asset Management Inc. now owns 345,270 shares of the communications equipment provider’s stock valued at $3,777,000 after acquiring an additional 10,900 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in shares of Mitel Networks by 6.5% in the 3rd quarter. Bank of Montreal Can now owns 192,101 shares of the communications equipment provider’s stock valued at $2,116,000 after acquiring an additional 11,692 shares during the last quarter. 80.65% of the stock is owned by institutional investors.

Mitel Networks Company Profile

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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