Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) Chairman Terence H. Matthews sold 843,397 shares of the business’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $8.14, for a total value of $6,865,251.58. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of MITL traded up $0.02 on Monday, hitting $9.30. The company’s stock had a trading volume of 1,689,790 shares, compared to its average volume of 1,425,522. The company has a market capitalization of $1,116.32, a P/E ratio of -23.10 and a beta of 2.44. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.03 and a quick ratio of 0.84. Mitel Networks Corp has a fifty-two week low of $6.21 and a fifty-two week high of $9.85.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last announced its earnings results on Thursday, February 22nd. The communications equipment provider reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.08. The business had revenue of $355.90 million for the quarter, compared to the consensus estimate of $345.88 million. Mitel Networks had a negative return on equity of 14.20% and a negative net margin of 4.69%. Mitel Networks’s revenue was up 37.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 EPS. sell-side analysts anticipate that Mitel Networks Corp will post -0.26 EPS for the current fiscal year.
Mitel Networks announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 7th that allows the company to buyback 61,000,000 shares. This buyback authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Several brokerages recently issued reports on MITL. BidaskClub upgraded Mitel Networks from a “hold” rating to a “buy” rating in a research note on Tuesday, March 27th. Zacks Investment Research raised Mitel Networks from a “sell” rating to a “hold” rating in a report on Saturday, March 3rd. Royal Bank of Canada lifted their price objective 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 started coverage on Mitel Networks in a report on Tuesday, December 19th. They set a “buy” rating on the stock. Finally, Craig Hallum started coverage on Mitel Networks in a report on Thursday, December 14th. They set a “buy” rating and a $14.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four 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.
Institutional investors have recently modified their holdings of the business. OxFORD Asset Management LLP raised its position in shares of Mitel Networks by 890.1% during the 3rd quarter. OxFORD Asset Management LLP now owns 762,620 shares of the communications equipment provider’s stock valued at $6,334,000 after acquiring an additional 685,592 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Mitel Networks by 10.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 299,364 shares of the communications equipment provider’s stock valued at $2,502,000 after acquiring an additional 29,501 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of Mitel Networks by 353.2% during the 3rd quarter. GSA Capital Partners LLP now owns 383,786 shares of the communications equipment provider’s stock valued at $3,220,000 after acquiring an additional 299,108 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Mitel Networks by 362.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 67,206 shares of the communications equipment provider’s stock valued at $494,000 after acquiring an additional 52,686 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Mitel Networks by 15.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,167,189 shares of the communications equipment provider’s stock valued at $17,836,000 after acquiring an additional 282,180 shares during the last quarter. Institutional investors own 80.71% of the company’s stock.
Mitel Networks Company Profile
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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