Mitel Networks Corp (MITL) Downgraded to “Sector Perform” at National Bank Financial

National Bank Financial lowered shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) from an outperform rating to a sector perform rating in a research report released on Thursday, May 4th.

Separately, Royal Bank of Canada reaffirmed a hold rating and set a $7.50 target price on shares of Mitel Networks Corp in a report on Tuesday, May 2nd.

Mitel Networks Corp (NASDAQ:MITL) traded up 2.29% on Thursday, hitting $6.71. The stock had a trading volume of 181,188 shares. The company’s 50 day moving average is $6.75 and its 200 day moving average is $6.90. The firm’s market cap is $823.51 million. Mitel Networks Corp has a 12-month low of $5.81 and a 12-month high of $8.52.

Mitel Networks Corp (NASDAQ:MITL) last released its earnings results on Thursday, February 23rd. The communications equipment provider reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.12. Mitel Networks Corp had a positive return on equity of 14.48% and a negative net margin of 1.19%. The business had revenue of $277.50 million for the quarter, compared to analyst estimates of $301.63 million. During the same period in the prior year, the firm posted $0.25 EPS. Mitel Networks Corp’s revenue was down 6.2% on a year-over-year basis. On average, equities research analysts expect that Mitel Networks Corp will post $0.79 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This news story was first published by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this news story on another website, it was illegally copied and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be accessed at https://sportsperspectives.com/2017/05/19/mitel-networks-corp-mitl-downgraded-by-national-bank-financial-updated.html.

In other news, Chairman Terence H. Matthews sold 254,699 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $6.64, for a total transaction of $1,691,201.36. Following the transaction, the chairman now directly owns 41,311 shares in the company, valued at approximately $274,305.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David M. Williams purchased 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was bought at an average price of $6.54 per share, for a total transaction of $98,100.00. Following the purchase, the director now owns 195,000 shares in the company, valued at approximately $1,275,300. The disclosure for this purchase can be found here. Insiders sold a total of 292,211 shares of company stock worth $1,948,398 over the last quarter.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Group AG raised its position in shares of Mitel Networks Corp by 3.6% in the first quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 570 shares during the period. Stevens Capital Management LP bought a new position in shares of Mitel Networks Corp during the third quarter worth approximately $117,000. Franklin Resources Inc. raised its position in shares of Mitel Networks Corp by 13.7% in the fourth quarter. Franklin Resources Inc. now owns 19,951 shares of the communications equipment provider’s stock worth $136,000 after buying an additional 2,410 shares during the period. Toronto Dominion Bank raised its position in shares of Mitel Networks Corp by 47.7% in the first quarter. Toronto Dominion Bank now owns 19,827 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 6,401 shares during the period. Finally, Acrospire Investment Management LLC raised its position in shares of Mitel Networks Corp by 439.8% in the third quarter. Acrospire Investment Management LLC now owns 21,970 shares of the communications equipment provider’s stock worth $162,000 after buying an additional 17,900 shares during the period. Institutional investors and hedge funds own 77.46% of the company’s stock.

Mitel Networks Corp 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.

5 Day Chart for NASDAQ:MITL

Receive News & Ratings for Mitel Networks Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitel Networks Corp and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply