Wall Street brokerages expect Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) to report earnings of $0.25 per share for the current quarter, Zacks Investment Research reports. Zero analysts have issued estimates for Mitel Networks’ earnings. Mitel Networks reported earnings of $0.16 per share in the same quarter last year, which suggests a positive year over year growth rate of 56.3%. The firm is expected to report its next quarterly earnings results on Thursday, November 1st.
On average, analysts expect that Mitel Networks will report full-year earnings of $0.95 per share for the current financial year. For the next financial year, analysts anticipate that the firm will report earnings of $1.28 per share. Zacks’ EPS calculations are an average based on a survey of research analysts that cover Mitel Networks.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Wednesday, August 1st. The communications equipment provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The firm had revenue of $324.70 million for the quarter. Mitel Networks had a negative net margin of 2.76% and a negative return on equity of 9.58%.
Several brokerages recently issued reports on MITL. ValuEngine upgraded shares of Mitel Networks from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. BidaskClub raised Mitel Networks from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Zacks Investment Research raised Mitel Networks from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $12.79.
In other Mitel Networks news, Director Peter Charbonneau sold 4,668 shares of Mitel Networks stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $10.98, for a total value of $51,254.64. Following the completion of the transaction, the director now directly owns 59,969 shares of the company’s stock, valued at approximately $658,459.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Todd Abbott sold 2,448 shares of Mitel Networks stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total value of $26,952.48. Following the completion of the transaction, the executive vice president now directly owns 7,552 shares of the company’s stock, valued at $83,147.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,019 shares of company stock valued at $472,596. 5.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MITL. Wells Fargo & Company MN grew its position in Mitel Networks by 4,467.5% in the 1st quarter. Wells Fargo & Company MN now owns 841,611 shares of the communications equipment provider’s stock valued at $7,810,000 after acquiring an additional 823,185 shares in the last quarter. BlackRock Inc. grew its position in Mitel Networks by 5.4% in the 1st quarter. BlackRock Inc. now owns 207,626 shares of the communications equipment provider’s stock valued at $1,926,000 after acquiring an additional 10,620 shares in the last quarter. Allianz Asset Management GmbH grew its position in Mitel Networks by 1,031.0% in the 1st quarter. Allianz Asset Management GmbH now owns 197,245 shares of the communications equipment provider’s stock valued at $1,831,000 after acquiring an additional 179,805 shares in the last quarter. Barclays PLC grew its position in Mitel Networks by 251.7% in the 1st quarter. Barclays PLC now owns 59,747 shares of the communications equipment provider’s stock valued at $554,000 after acquiring an additional 42,760 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Mitel Networks by 11.3% during the first quarter. Point72 Asset Management L.P. now owns 1,402,900 shares of the communications equipment provider’s stock worth $13,017,000 after buying an additional 142,480 shares in the last quarter. 80.65% of the stock is owned by institutional investors.
MITL traded up $0.01 on Friday, hitting $11.02. The company had a trading volume of 1,616 shares, compared to its average volume of 1,669,277. The firm has a market cap of $1.36 billion, a P/E ratio of -27.55 and a beta of 2.17. Mitel Networks has a 1 year low of $7.13 and a 1 year high of $11.31. The company has a current ratio of 1.05, a quick ratio of 0.87 and a debt-to-equity ratio of 1.31.
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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