Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) was the recipient of a significant decline in short interest in May. As of May 31st, there was short interest totalling 860,264 shares, a decline of 26.0% from the May 15th total of 1,162,149 shares. Based on an average daily trading volume, of 2,306,634 shares, the short-interest ratio is presently 0.4 days. Approximately 0.7% of the shares of the company are short sold.
Several institutional investors have recently added to or reduced their stakes in MITL. Tower Research Capital LLC TRC raised its holdings in shares of Mitel Networks by 295.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,744 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 9,519 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Mitel Networks by 90.0% during the 4th quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock worth $152,000 after purchasing an additional 8,729 shares during the last quarter. AXA bought a new stake in Mitel Networks during the 4th quarter worth about $222,000. Jane Street Group LLC bought a new stake in Mitel Networks during the 4th quarter worth about $222,000. Finally, 22NW LP bought a new stake in Mitel Networks during the 1st quarter worth about $234,000. 84.46% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on MITL. ValuEngine raised Mitel Networks from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. Craig Hallum cut 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 Mitel Networks from $9.50 to $11.15 and gave the company a “sector perform” rating in a report on Wednesday, April 25th. BidaskClub cut Mitel Networks from a “buy” rating to a “hold” rating in a report on Friday, June 8th. Finally, National Bank Financial cut Mitel Networks from an “outperform” rating to a “sector perform” rating in a report on Wednesday, April 11th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Mitel Networks presently has an average rating of “Hold” and a consensus target price of $13.05.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Wednesday, May 2nd. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.30. Mitel Networks had a negative return on equity of 14.62% and a negative net margin of 4.31%. The company had revenue of $313.80 million during the quarter, compared to analysts’ expectations of $309.50 million. research analysts forecast that Mitel Networks will post -0.26 EPS for the current fiscal year.
Mitel Networks declared that its board has initiated a share buyback plan on Wednesday, March 7th that allows the company to repurchase 61,000,000 shares. This repurchase authorization allows the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
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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