Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW)’s share price traded up 5.9% during trading on Wednesday . The stock traded as high as $9.23 and last traded at $9.20. 2,797,718 shares traded hands during mid-day trading, an increase of 106% from the average session volume of 1,355,174 shares. The stock had previously closed at $8.69.
MITL has been the subject of a number of recent research reports. BidaskClub raised shares of Mitel Networks from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 31st. Royal Bank of Canada raised their price target on shares of Mitel Networks from $8.50 to $9.50 and gave the stock a “sector perform” rating in a research report on Friday, February 16th. Zacks Investment Research raised shares of Mitel Networks from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 5th. Craig Hallum initiated coverage on shares of Mitel Networks in a research report on Thursday, December 14th. They set a “buy” rating and a $14.00 price target for the company. Finally, GARP Research initiated coverage on shares of Mitel Networks in a research report on Tuesday, December 19th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $12.50.
The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $1,042.94, a PE ratio of -21.44 and a beta of 2.58.
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, topping analysts’ consensus estimates of ($0.09) by $0.08. Mitel Networks had a negative net margin of 4.69% and a negative return on equity of 14.20%. The company had revenue of $355.90 million during the quarter, compared to analyst estimates of $345.88 million. During the same period last year, the firm posted $0.22 EPS. Mitel Networks’s revenue for the quarter was up 37.0% compared to the same quarter last year. equities analysts predict that Mitel Networks Corp will post -0.26 EPS for the current fiscal year.
Mitel Networks declared that its board has initiated a share repurchase program on Wednesday, March 7th that allows the company to buyback 61,000,000 shares. This buyback authorization allows the communications equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, Chairman Terence H. Matthews sold 843,397 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $8.14, for a total transaction of $6,865,251.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Graham Bevington sold 8,605 shares of the firm’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $8.01, for a total transaction of $68,926.05. Following the sale, the insider now directly owns 29,692 shares in the company, valued at approximately $237,832.92. The disclosure for this sale can be found here. Insiders have sold a total of 1,056,525 shares of company stock valued at $8,602,948 over the last three months. 16.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. River Road Asset Management LLC grew its stake in shares of Mitel Networks by 37.0% during the 4th quarter. River Road Asset Management LLC now owns 6,825,374 shares of the communications equipment provider’s stock worth $56,173,000 after purchasing an additional 1,842,562 shares during the period. Cumberland Partners Ltd grew its stake in shares of Mitel Networks by 0.3% during the 4th quarter. Cumberland Partners Ltd now owns 2,394,730 shares of the communications equipment provider’s stock worth $19,857,000 after purchasing an additional 6,600 shares during the period. Alliancebernstein L.P. grew its stake in shares of Mitel Networks by 15.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,167,189 shares of the communications equipment provider’s stock worth $17,836,000 after purchasing an additional 282,180 shares during the period. Acadian Asset Management LLC grew its stake in shares of Mitel Networks by 30.5% during the 4th quarter. Acadian Asset Management LLC now owns 1,391,288 shares of the communications equipment provider’s stock worth $11,451,000 after purchasing an additional 325,187 shares during the period. Finally, Neuberger Berman Group LLC acquired a new stake in shares of Mitel Networks during the 3rd quarter worth approximately $8,172,000. 80.75% of the stock is currently owned by institutional investors and hedge funds.
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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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