Mitel Networks (MITL) Rating Lowered to Strong Sell at BidaskClub

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BidaskClub lowered shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a sell rating to a strong sell rating in a report released on Wednesday.

Other equities research analysts also recently issued research reports about the company. ValuEngine downgraded Mitel Networks from a strong-buy rating to a buy rating in a report on Thursday, August 2nd. Craig Hallum downgraded Mitel Networks from a buy rating to a hold rating and set a $14.00 price target for the company. in a report on Tuesday, May 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Mitel Networks presently has a consensus rating of Hold and a consensus price target of $13.05.

Shares of MITL stock opened at $10.97 on Wednesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.05 and a quick ratio of 0.87. Mitel Networks has a 1-year low of $7.13 and a 1-year high of $11.31.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings results on Wednesday, August 1st. The communications equipment provider reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $324.70 million during the quarter. Mitel Networks had a negative return on equity of 9.58% and a negative net margin of 2.76%. analysts forecast that Mitel Networks will post -0.26 earnings per share for the current fiscal year.

In other Mitel Networks news, EVP Todd Abbott sold 2,448 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $11.01, for a total value of $26,952.48. Following the completion of the sale, the executive vice president now owns 7,552 shares of the company’s stock, valued at $83,147.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Peter Charbonneau sold 10,460 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The stock was 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 17,101 shares of company stock valued at $188,229. Corporate insiders own 5.60% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN lifted its holdings in shares of Mitel Networks by 90.0% during 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. Xact Kapitalforvaltning AB acquired a new stake in shares of Mitel Networks during the second quarter worth about $259,000. Sphinx Trading LP acquired a new stake in shares of Mitel Networks during the second quarter worth about $274,000. 22NW LP acquired a new stake in shares of Mitel Networks during the first quarter worth about $234,000. Finally, Suntrust Banks Inc. acquired a new stake in shares of Mitel Networks during the first quarter worth about $235,000. 81.39% of the stock is owned by institutional investors and hedge funds.

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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