Mitel Networks Corporation (NASDAQ:MITL) Trading Up 3.5% After Strong Earnings

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW)’s share price rose 3.5% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $8.09 and last traded at $8.22, with a volume of 948,748 shares changing hands. The stock had previously closed at $7.94.

The communications equipment provider reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The business had revenue of $238.60 million for the quarter, compared to analyst estimates of $244.55 million. During the same quarter in the prior year, the firm earned $0.19 EPS. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year.

A number of equities research analysts have commented on the stock. BidaskClub lowered shares of Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday. TheStreet upgraded shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Royal Bank Of Canada increased their price target on shares of Mitel Networks Corporation from $7.50 to $8.50 and gave the company a “sector perform” rating in a research report on Friday, July 28th. National Bank Financial upgraded shares of Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $7.50 to $10.00 in a report on Friday, July 28th. Finally, Zacks Investment Research downgraded shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $9.25.

In other Mitel Networks Corporation news, insider Gregory James Hiscock sold 3,750 shares of Mitel Networks Corporation stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $7.34, for a total transaction of $27,525.00. Following the completion of the transaction, the insider now directly owns 12,313 shares of the company’s stock, valued at $90,377.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas Gerald Lokar sold 18,736 shares of Mitel Networks Corporation stock in a transaction on Monday, August 7th. The stock was sold at an average price of $8.64, for a total transaction of $161,879.04. Following the transaction, the insider now directly owns 14,752 shares of the company’s stock, valued at $127,457.28. The disclosure for this sale can be found here. Insiders sold 2,111,870 shares of company stock valued at $16,219,525 over the last three months. 16.50% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. Campbell & CO Investment Adviser LLC bought a new position in Mitel Networks Corporation during the second quarter worth approximately $109,000. UBS Group AG increased its position in Mitel Networks Corporation by 3.6% in the first quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 570 shares during the period. Tower Research Capital LLC TRC increased its position in Mitel Networks Corporation by 146.4% in the first quarter. Tower Research Capital LLC TRC now owns 12,595 shares of the communications equipment provider’s stock worth $115,000 after buying an additional 7,483 shares during the period. Stevens Capital Management LP increased its position in Mitel Networks Corporation by 12.1% in the first quarter. Stevens Capital Management LP now owns 16,888 shares of the communications equipment provider’s stock worth $117,000 after buying an additional 1,818 shares during the period. Finally, Cullen Capital Management LLC acquired a new position in shares of Mitel Networks Corporation during the second quarter valued at approximately $125,000. 82.54% of the stock is owned by institutional investors.

The company’s 50 day moving average is $7.69 and its 200 day moving average is $7.13. The company’s market cap is $973.17 million.

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About Mitel Networks Corporation

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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