Mitel Networks (MITL) Lowered to Sell at Zacks Investment Research

Mitel Networks (NASDAQ:MITL) (TSE:MNW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

According to Zacks, “Mitel Networks is a provider of integrated communications solutions focused on the SME market. Its portfolio of IP-based communications solutions consists of IP telephony platforms, unified communications and collaboration applications and managed and network services. By integrating voice, video and data communications with business applications, Mitel enables businesses to improve their performance. Mitel involves in the market evolution to unified communications and collaboration, enabling customers to move beyond basic fixed telephony and disparate communications tools toward integrated multi-media communications and collaboration between users, wherever they may be located. Mitel’s U.S. headquarters are in Phoenix, Arizona. Global headquarters are in Ottawa, Canada, with offices, partners, and resellers worldwide. “

A number of other research analysts also recently issued reports on the stock. GARP Research assumed coverage on shares of Mitel Networks in a research report on Tuesday, December 19th. They set a “buy” rating on the stock. Craig Hallum assumed coverage on shares of Mitel Networks in a research report on Thursday, December 14th. They set a “buy” rating and a $14.00 target price on the stock. BidaskClub downgraded shares of Mitel Networks from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. TheStreet downgraded shares of Mitel Networks from a “b” rating to a “c” rating in a research report on Tuesday, November 14th. Finally, Royal Bank of Canada restated a “hold” rating and set a $8.50 target price on shares of Mitel Networks in a research report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Mitel Networks currently has a consensus rating of “Hold” and an average target price of $12.17.

Shares of Mitel Networks (NASDAQ:MITL) traded down $0.04 during midday trading on Thursday, reaching $8.88. 876,100 shares of the company traded hands, compared to its average volume of 1,145,400. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. Mitel Networks has a 1-year low of $6.21 and a 1-year high of $9.13. The firm has a market cap of $1,330.00, a P/E ratio of -222.00 and a beta of 2.66.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last released its earnings results on Thursday, November 2nd. The communications equipment provider reported ($0.23) earnings per share (EPS) for the quarter. Mitel Networks had a negative net margin of 26.71% and a negative return on equity of 9.36%. research analysts predict that Mitel Networks will post -0.47 earnings per share for the current year.

In other Mitel Networks news, insider Richard D. Mcbee bought 10,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were bought at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the transaction, the insider now owns 268,047 shares in the company, valued at approximately $2,144,376. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 5,244 shares of company stock worth $41,773. Corporate insiders own 16.50% of the company’s stock.

Large investors have recently made changes to their positions in the stock. 1st Global Advisors Inc. raised its position in shares of Mitel Networks by 1.4% in the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock valued at $174,000 after acquiring an additional 337 shares during the period. OxFORD Asset Management LLP raised its position in shares of Mitel Networks by 890.1% in 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 period. Russell Investments Group Ltd. raised its position in shares of Mitel Networks by 10.9% in 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 period. GSA Capital Partners LLP raised its position in shares of Mitel Networks by 353.2% in 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 period. Finally, Goldman Sachs Group Inc. raised its position in shares of Mitel Networks by 362.9% in 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 period. Institutional investors and hedge funds 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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