Insider Selling: Mitel Networks Corporation (MITL) Insider Sells $21,644.91 in Stock
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) insider Colin Ross Mcanuff sold 2,709 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $7.99, for a total value of $21,644.91. Following the sale, the insider now owns 5,000 shares of the company’s stock, valued at approximately $39,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Mitel Networks Corporation (NASDAQ:MITL) traded up $0.11 during mid-day trading on Thursday, reaching $7.65. The company had a trading volume of 855,453 shares, compared to its average volume of 707,600. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week 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.
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Several research firms have recently commented on MITL. National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $7.50 to $10.00 in a research note on Friday, July 28th. TheStreet raised Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. BidaskClub lowered Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 12th. Zacks Investment Research lowered Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Thursday, November 9th. Finally, Royal Bank Of Canada upped their price objective on Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $11.25.
A number of hedge funds have recently made changes to their positions in MITL. Campbell & CO Investment Adviser LLC acquired a new position in Mitel Networks Corporation during the second quarter worth $109,000. UBS Group AG grew its holdings in Mitel Networks Corporation by 3.6% during the first quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after acquiring an additional 570 shares during the period. Cullen Capital Management LLC acquired a new stake in Mitel Networks Corporation in the second quarter valued at $125,000. FDx Advisors Inc. acquired a new stake in Mitel Networks Corporation in the third quarter valued at $125,000. Finally, Quantbot Technologies LP acquired a new stake in Mitel Networks Corporation in the second quarter valued at $143,000. 79.12% of the stock is currently owned by hedge funds and other institutional investors.
About Mitel Networks Corporation
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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