National Bank Financial initiated coverage on shares of Mitel Networks Corp. (NASDAQ:MITL) in a research report sent to investors on Tuesday. The firm issued an outperform rating and a $10.50 price target on the stock.
Mitel Networks Corp. (NASDAQ:MITL) opened at 7.37 on Tuesday. The firm’s market cap is $896.17 million. The company’s 50 day moving average is $7.50 and its 200-day moving average is $7.13. Mitel Networks Corp. has a 52-week low of $5.81 and a 52-week high of $8.90.
Mitel Networks Corp. (NASDAQ:MITL) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.05. Mitel Networks Corp. had a positive return on equity of 12.57% and a negative net margin of 3.91%. The business had revenue of $307.20 million for the quarter, compared to the consensus estimate of $292.05 million. During the same quarter in the prior year, the company earned $0.18 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. On average, equities analysts predict that Mitel Networks Corp. will post $0.64 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in Mitel Networks Corp. by 70.9% in the second quarter. Bank of New York Mellon Corp now owns 44,842 shares of the company’s stock worth $282,000 after buying an additional 18,600 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Mitel Networks Corp. during the second quarter worth about $189,000. CIBC World Markets Inc. increased its position in Mitel Networks Corp. by 5.6% in the second quarter. CIBC World Markets Inc. now owns 39,310 shares of the company’s stock worth $247,000 after buying an additional 2,077 shares during the last quarter. Royal Bank of Canada increased its position in Mitel Networks Corp. by 1.0% in the first quarter. Royal Bank of Canada now owns 3,904,703 shares of the company’s stock worth $31,940,000 after buying an additional 38,909 shares during the last quarter. Finally, Elliott Management Corp increased its position in Mitel Networks Corp. by 1.9% in the first quarter. Elliott Management Corp now owns 11,768,719 shares of the company’s stock worth $96,268,000 after buying an additional 219,848 shares during the last quarter. 83.03% of the stock is currently owned by institutional investors and hedge funds.
Mitel Networks Corp. Company Profile
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company operates through three segments: Enterprise, Cloud and Mobile. 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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