Mitel Networks Corp (MITL) Director Peter Charbonneau Sells 10,460 Shares

Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) Director Peter Charbonneau sold 10,460 shares of the business’s stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total transaction of $115,164.60. Following the transaction, the director now owns 60,346 shares of the company’s stock, valued at $664,409.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Mitel Networks opened at $10.96 on Friday, according to Marketbeat.com. Mitel Networks Corp has a fifty-two week low of $7.13 and a fifty-two week high of $11.31. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.05 and a quick ratio of 0.87. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -27.40 and a beta of 2.32.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings data on Wednesday, August 1st. The communications equipment provider reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. Mitel Networks had a negative net margin of 2.76% and a negative return on equity of 9.58%. The company had revenue of $324.70 million during the quarter.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank increased its holdings in Mitel Networks by 17.6% in the second quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock valued at $409,000 after buying an additional 5,598 shares in the last quarter. BlackRock Inc. increased its holdings in Mitel Networks by 2.8% in the second quarter. BlackRock Inc. now owns 213,410 shares of the communications equipment provider’s stock valued at $2,341,000 after buying an additional 5,784 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Mitel Networks by 90.0% in the fourth quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock valued at $152,000 after buying an additional 8,729 shares in the last quarter. Teton Advisors Inc. increased its holdings in Mitel Networks by 7.7% in the first quarter. Teton Advisors Inc. now owns 149,900 shares of the communications equipment provider’s stock valued at $1,391,000 after buying an additional 10,700 shares in the last quarter. Finally, TD Asset Management Inc. increased its holdings in Mitel Networks by 3.3% in the second quarter. TD Asset Management Inc. now owns 345,270 shares of the communications equipment provider’s stock valued at $3,777,000 after buying an additional 10,900 shares in the last quarter. 76.57% of the stock is owned by institutional investors.

A number of research analysts recently issued reports on the stock. ValuEngine upgraded shares of Mitel Networks from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. Craig Hallum cut shares of Mitel Networks from a “buy” rating to a “hold” rating and set a $14.00 price objective for the company. in a report on Tuesday, May 15th. Royal Bank of Canada lifted their price objective on shares of Mitel Networks from $9.50 to $11.15 and gave the company a “sector perform” rating in a report on Wednesday, April 25th. Finally, BidaskClub cut shares of Mitel Networks from a “buy” rating to a “hold” rating in a report on Friday, June 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $13.05.

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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