Mitel Networks (NASDAQ:MITL) Cut to “C” at TheStreet

TheStreet downgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a b rating to a c rating in a report released on Tuesday, November 14th.

Other analysts have also issued research reports about the company. BidaskClub lowered Mitel Networks from a strong-buy rating to a buy rating in a research note on Saturday, August 12th. Zacks Investment Research raised Mitel Networks from a strong sell rating to a hold rating in a research note on Wednesday, September 27th. Royal Bank Of Canada reissued a hold rating and issued a $8.50 price objective on shares of Mitel Networks in a research note on Thursday, November 2nd. Finally, National Bank Financial upgraded Mitel Networks from a sector perform rating to an outperform rating and boosted their target price for the stock from $7.50 to $10.00 in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $11.25.

Shares of Mitel Networks (MITL) traded down $0.02 during midday trading on Tuesday, reaching $7.80. The company’s stock had a trading volume of 689,929 shares, compared to its average volume of 874,738. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. Mitel Networks has a 52 week low of $6.21 and a 52 week high of $9.13.

In other news, insider Gregory James Hiscock sold 3,125 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $8.14, for a total value of $25,437.50. Following the completion of the sale, the insider now directly owns 6,063 shares of the company’s stock, valued at $49,352.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Associates L.P. Elliott sold 350,475 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $8.25, for a total value of $2,891,418.75. The disclosure for this sale can be found here. Insiders sold 567,312 shares of company stock valued at $4,668,476 in the last quarter. 16.50% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Campbell & CO Investment Adviser LLC acquired a new position in Mitel Networks during the 2nd quarter worth about $109,000. UBS Group AG raised its position in shares of Mitel Networks by 3.6% in the 1st 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 in the last quarter. Cullen Capital Management LLC bought a new position in shares of Mitel Networks in the 2nd quarter worth about $125,000. FDx Advisors Inc. bought a new position in shares of Mitel Networks in the 3rd quarter worth about $125,000. Finally, Quantbot Technologies LP bought a new position in shares of Mitel Networks in the 2nd quarter worth about $143,000. 79.74% of the stock is currently owned by institutional investors.

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About Mitel Networks

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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