Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $9.51 and last traded at $9.51, with a volume of 1250741 shares traded. The stock had previously closed at $9.27.
Several equities analysts recently issued reports on MITL shares. Zacks Investment Research upgraded Mitel Networks from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 5th. GARP Research started coverage on Mitel Networks in a research report on Tuesday, December 19th. They set a “buy” rating on the stock. BidaskClub lowered Mitel Networks from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. Craig Hallum started coverage on Mitel Networks in a research report on Thursday, December 14th. They set a “buy” rating and a $14.00 price target on the stock. Finally, Royal Bank of Canada raised their price target on Mitel Networks from $8.50 to $9.50 and gave the stock a “sector perform” rating in a research report on Friday, February 16th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price 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 cap of $1,106.69, a PE ratio of -22.61 and a beta of 2.58.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings data on Thursday, February 22nd. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping 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 business had revenue of $355.90 million during the quarter, compared to analysts’ expectations of $345.88 million. During the same quarter last year, the business posted $0.22 EPS. The business’s revenue was up 37.0% on a year-over-year basis. equities analysts forecast that Mitel Networks Corp will post -0.26 earnings per share for the current fiscal year.
Mitel Networks declared that its board has approved a share 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 buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, CFO Steven Edward Spooner sold 4,100 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $8.40, for a total transaction of $34,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $6,865,251.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,056,525 shares of company stock valued at $8,602,948. 16.50% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of MITL. Tower Research Capital LLC TRC increased its position in Mitel Networks by 295.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 12,744 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 9,519 shares in the last quarter. FDx Advisors Inc. bought a new position in Mitel Networks during the 3rd quarter valued at approximately $125,000. Allianz Asset Management GmbH bought a new position in Mitel Networks during the 3rd quarter valued at approximately $146,000. Highstreet Asset Management Inc. bought a new position in Mitel Networks during the 4th quarter valued at approximately $151,000. Finally, Wells Fargo & Company MN increased its position in Mitel Networks by 90.0% during the 4th quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock valued at $152,000 after buying an additional 8,729 shares in the last quarter. 80.71% of the stock is owned by 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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