Mitel Networks Corp (MITL) Expected to Post Earnings of $0.26 Per Share

Equities research analysts expect that Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) will post earnings of $0.26 per share for the current fiscal quarter, Zacks reports. Zero analysts have provided estimates for Mitel Networks’ earnings. Mitel Networks reported earnings per share of $0.13 in the same quarter last year, which would suggest a positive year over year growth rate of 100%. The business is scheduled to issue its next quarterly earnings results on Thursday, July 26th.

According to Zacks, analysts expect that Mitel Networks will report full-year earnings of $0.94 per share for the current fiscal year, with EPS estimates ranging from $0.92 to $0.95. For the next year, analysts anticipate that the business will post earnings of $1.27 per share, with EPS estimates ranging from $1.26 to $1.28. Zacks’ EPS calculations are a mean average based on a survey of research firms that cover Mitel Networks.

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

MITL has been the topic of a number of research analyst reports. Zacks Investment Research raised Mitel Networks from a “sell” rating to a “hold” rating in a research note on Saturday, March 3rd. Royal Bank of Canada increased their target price on Mitel Networks from $8.50 to $9.50 and gave the company a “sector perform” rating in a research note on Friday, February 16th. BidaskClub cut Mitel Networks from a “sell” rating to a “strong sell” rating in a research note on Thursday, February 15th. National Bank Financial cut Mitel Networks from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, April 11th. Finally, ValuEngine raised Mitel Networks from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Mitel Networks presently has a consensus rating of “Buy” and a consensus price target of $13.05.

Mitel Networks traded up $0.01, reaching $11.03, during trading on Friday, according to MarketBeat Ratings. The stock had a trading volume of 84,572 shares, compared to its average volume of 2,008,560. The stock has a market cap of $1.35 billion, a PE ratio of -27.65 and a beta of 2.45. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.63. Mitel Networks has a one year low of $11.04 and a one year high of $11.07.

Mitel Networks declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 7th that authorizes the company to buyback 61,000,000 outstanding shares. This buyback authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

In other news, CFO Steven Edward Spooner sold 4,100 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $8.40, for a total transaction of $34,440.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Terence H. Matthews sold 6,870 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $8.40, for a total value of $57,708.00. Following the transaction, the chairman now directly owns 59,084 shares in the company, valued at $496,305.60. The disclosure for this sale can be found here. Insiders have sold 1,056,525 shares of company stock worth $8,602,948 over the last ninety days. Insiders own 5.60% of the company’s stock.

Several large investors have recently made changes to their positions in MITL. Alliancebernstein L.P. grew its stake in shares of Mitel Networks by 15.0% in the fourth 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 last quarter. Thompson Davis & CO. Inc. bought a new stake in shares of Mitel Networks in the fourth quarter worth about $253,000. K2 Principal Fund L.P. bought a new stake in shares of Mitel Networks in the fourth quarter worth about $2,012,000. Deutsche Bank AG grew its stake in shares of Mitel Networks by 1,037.7% in the fourth quarter. Deutsche Bank AG now owns 486,692 shares of the communications equipment provider’s stock worth $4,004,000 after purchasing an additional 443,913 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Mitel Networks by 148.0% in the third quarter. Bank of New York Mellon Corp now owns 100,272 shares of the communications equipment provider’s stock worth $841,000 after purchasing an additional 59,839 shares during the last quarter. 82.93% of the stock is currently owned by hedge funds and other institutional investors.

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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