Mitel Networks (NASDAQ:MITL) Cut to “Hold” at BidaskClub

BidaskClub downgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a buy rating to a hold rating in a research note released on Tuesday, April 10th.

MITL has been the subject of several other reports. Zacks Investment Research raised shares of Mitel Networks from a sell rating to a hold rating in a report on Saturday, March 3rd. GARP Research began coverage on shares of Mitel Networks in a report on Tuesday, December 19th. They set a buy rating for the company. Craig Hallum began coverage on shares of Mitel Networks in a research report on Thursday, December 14th. They issued a buy rating and a $14.00 price target on the stock. ValuEngine upgraded shares of Mitel Networks from a hold rating to a buy rating in a research report on Monday, April 2nd. Finally, Royal Bank of Canada raised their price target on shares of Mitel Networks from $8.50 to $9.50 and gave the stock a sector perform rating in a research report on Friday, February 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Mitel Networks currently has an average rating of Hold and a consensus price target of $12.50.

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Shares of Mitel Networks stock traded up $0.43 during trading hours on Tuesday, hitting $10.06. The company’s stock had a trading volume of 1,118,448 shares, compared to its average volume of 1,366,952. Mitel Networks has a 1-year low of $6.21 and a 1-year high of $10.07. The firm has a market capitalization of $1,155.27, a P/E ratio of -24.68 and a beta of 2.44. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.77.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.08. The business had revenue of $355.90 million during the quarter, compared to analyst estimates of $345.88 million. Mitel Networks had a negative net margin of 4.69% and a negative return on equity of 14.20%. The business’s revenue was up 37.0% on a year-over-year basis. During the same period last year, the business earned $0.22 EPS. research analysts expect that Mitel Networks will post -0.26 EPS for the current fiscal year.

Mitel Networks announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 7th that permits the company to repurchase 61,000,000 outstanding shares. This repurchase authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other Mitel Networks news, Chairman Terence H. Matthews sold 6,870 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $8.40, for a total transaction of $57,708.00. Following the sale, the chairman now directly owns 59,084 shares in the company, valued at approximately $496,305.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Steven Edward Spooner sold 4,100 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $8.40, for a total transaction of $34,440.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,056,525 shares of company stock worth $8,602,948. 5.60% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its position in shares of Mitel Networks by 10.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 299,364 shares of the communications equipment provider’s stock worth $2,502,000 after buying an additional 29,501 shares in the last quarter. GSA Capital Partners LLP grew its stake 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 worth $3,220,000 after purchasing an additional 299,108 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Mitel Networks by 15.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,167,189 shares of the communications equipment provider’s stock worth $17,836,000 after purchasing an additional 282,180 shares during the last quarter. Thompson Davis & CO. Inc. acquired a new position in shares of Mitel Networks in the 4th quarter worth approximately $253,000. Finally, K2 Principal Fund L.P. acquired a new position in shares of Mitel Networks in the 4th quarter worth approximately $2,012,000. Institutional investors own 80.01% of the company’s stock.

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Mitel Networks Company Profile

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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