Mitel Networks (MITL) Now Covered by Analysts at GARP Research

GARP Research initiated coverage on shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) in a research note published on Tuesday morning. The firm issued a buy rating on the communications equipment provider’s stock.

MITL has been the topic of a number of other research reports. Zacks Investment Research raised shares of Mitel Networks from a strong sell rating to a hold rating in a research note on Wednesday, September 27th. Craig Hallum initiated coverage on shares of Mitel Networks in a research note on Thursday, December 14th. They issued a buy rating and a $14.00 target price on the stock. BidaskClub cut shares of Mitel Networks from a sell rating to a strong sell rating in a research note on Thursday, December 7th. Royal Bank of Canada reissued a hold rating and issued a $8.50 target price on shares of Mitel Networks in a research note on Thursday, November 2nd. Finally, National Bank Financial upped their target price on shares of Mitel Networks from $10.00 to $14.00 and gave the company an outperform rating in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $12.17.

Mitel Networks (MITL) traded down $0.10 during trading hours on Tuesday, hitting $8.05. 888,300 shares of the stock traded hands, compared to its average volume of 723,000. Mitel Networks has a one year low of $6.21 and a one year high of $9.13. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94.

In other news, insider Richard D. Mcbee purchased 10,000 shares of Mitel Networks stock in a transaction on Wednesday, November 8th. The shares were purchased at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 268,047 shares in the company, valued at $2,144,376. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Associates L.P. Elliott sold 350,475 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $8.25, for a total transaction of $2,891,418.75. The disclosure for this sale can be found here. In the last three months, insiders sold 355,719 shares of company stock worth $2,933,192. 16.50% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP boosted its position in Mitel Networks by 353.2% in the third quarter. GSA Capital Partners LLP now owns 383,786 shares of the communications equipment provider’s stock valued at $3,220,000 after buying an additional 299,108 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in Mitel Networks in the third quarter valued at about $8,172,000. Allianz Asset Management GmbH acquired a new position in Mitel Networks in the third quarter valued at about $146,000. OxFORD Asset Management LLP boosted its position in Mitel Networks by 890.1% in the third quarter. OxFORD Asset Management LLP now owns 762,620 shares of the communications equipment provider’s stock valued at $6,334,000 after buying an additional 685,592 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in Mitel Networks in the third quarter valued at about $554,000. Hedge funds and other institutional investors own 80.05% of the company’s stock.

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About Mitel Networks

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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