Mitel Networks Corporation (MITL) Expected to Post Quarterly Sales of $346.35 Million
Equities research analysts expect Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) to post $346.35 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Mitel Networks Corporation’s earnings, with the lowest sales estimate coming in at $346.00 million and the highest estimate coming in at $346.70 million. Mitel Networks Corporation reported sales of $259.80 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 33.3%. The business is expected to announce its next earnings report on Thursday, February 22nd.
On average, analysts expect that Mitel Networks Corporation will report full-year sales of $346.35 million for the current fiscal year. For the next year, analysts anticipate that the business will post sales of $1.31 billion per share. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Mitel Networks Corporation.
Several research analysts have issued reports on MITL shares. National Bank Financial lifted their target price on shares of Mitel Networks Corporation from $10.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, October 23rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $8.50 target price on shares of Mitel Networks Corporation in a report on Thursday, November 2nd. Zacks Investment Research cut shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Thursday, November 9th. TheStreet raised shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. Finally, BidaskClub raised shares of Mitel Networks Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $11.25.
Shares of Mitel Networks Corporation (MITL) traded up $0.02 during trading on Thursday, reaching $7.80. 520,600 shares of the company’s stock traded hands, compared to its average volume of 706,459. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.00 and a quick ratio of 0.77. Mitel Networks Corporation has a twelve month low of $6.21 and a twelve month high of $9.13.
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In other news, insider Gregory James Hiscock sold 3,125 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $8.14, for a total transaction of $25,437.50. Following the completion of the transaction, the insider now directly owns 6,063 shares of the company’s stock, valued at $49,352.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Associates L.P. Elliott sold 154,184 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $8.29, for a total transaction of $1,278,185.36. The disclosure for this sale can be found here. Insiders have sold 780,632 shares of company stock valued at $6,434,708 over the last three months. 16.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in MITL. UBS Asset Management Americas Inc. increased its holdings in Mitel Networks Corporation by 118.5% during the first quarter. UBS Asset Management Americas Inc. now owns 49,592 shares of the communications equipment provider’s stock valued at $344,000 after buying an additional 26,892 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in Mitel Networks Corporation during the first quarter valued at approximately $254,000. FMR LLC increased its holdings in Mitel Networks Corporation by 90.3% during the first quarter. FMR LLC now owns 198,490 shares of the communications equipment provider’s stock valued at $1,376,000 after buying an additional 94,180 shares during the last quarter. UBS Group AG increased 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 valued at $113,000 after buying an additional 570 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Mitel Networks Corporation by 1.1% during the first quarter. Bank of America Corp DE now owns 580,037 shares of the communications equipment provider’s stock valued at $4,019,000 after buying an additional 6,584 shares during the last quarter. 76.69% of the stock is owned by institutional investors and hedge funds.
Mitel Networks Corporation 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.
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