Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) Chairman Terence H. Matthews sold 1,829 shares of the company’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $8.08, for a total transaction of $14,778.32. Following the completion of the sale, the chairman now directly owns 54,205 shares of the company’s stock, valued at $437,976.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
Mitel Networks Corp (NASDAQ:MITL) traded up $0.51 on Wednesday, hitting $9.20. The stock had a trading volume of 2,794,518 shares, compared to its average volume of 1,355,124. Mitel Networks Corp has a 12 month low of $6.21 and a 12 month high of $9.39. 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 company 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 data on Thursday, February 22nd. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.08. Mitel Networks had a negative return on equity of 14.20% and a negative net margin of 4.69%. The company had revenue of $355.90 million during the quarter, compared to analysts’ expectations of $345.88 million. During the same period in the prior year, the business earned $0.22 earnings per share. Mitel Networks’s revenue for the quarter was up 37.0% compared to the same quarter last year. equities research analysts anticipate that Mitel Networks Corp will post -0.26 EPS for the current fiscal year.
Mitel Networks declared that its Board of Directors has approved a stock repurchase program 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 programs are typically an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have commented on MITL. BidaskClub lowered shares of Mitel Networks from a “hold” rating to a “sell” rating in a research note on Friday, March 2nd. Zacks Investment Research raised shares of Mitel Networks from a “sell” rating to a “hold” rating in a research note on Saturday, March 3rd. Royal Bank of Canada upped their target price on Mitel Networks from $8.50 to $9.50 and gave the company a “sector perform” rating in a report on Friday, February 16th. GARP Research began coverage on Mitel Networks in a report on Tuesday, December 19th. They issued a “buy” rating on the stock. Finally, TheStreet downgraded Mitel Networks from a “b” rating to a “c” rating in a report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $12.50.
Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in Mitel Networks by 295.2% in 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. FDx Advisors Inc. bought a new position in Mitel Networks in the third quarter worth $125,000. Allianz Asset Management GmbH bought a new position in Mitel Networks in the third quarter worth $146,000. Highstreet Asset Management Inc. bought a new position in Mitel Networks in the fourth quarter worth $151,000. Finally, Wells Fargo & Company MN lifted 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 purchasing an additional 8,729 shares during the period. 80.75% of the stock is owned by hedge funds and other institutional investors.
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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