Mitel Networks Corporation (MITL) Expected to Announce Quarterly Sales of $230.00 Million

Wall Street brokerages expect that Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) will post sales of $230.00 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Mitel Networks Corporation’s earnings. Mitel Networks Corporation posted sales of $279.80 million in the same quarter last year, which would indicate a negative year over year growth rate of 17.8%. The company is expected to announce its next earnings results on Thursday, November 2nd.

On average, analysts expect that Mitel Networks Corporation will report full-year sales of $230.00 million for the current financial year, with estimates ranging from $946.80 million to $948.00 million. For the next year, analysts anticipate that the company will report sales of $939.65 million per share, with estimates ranging from $933.30 million to $946.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Mitel Networks Corporation.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings data on Thursday, July 27th. 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. The company had revenue of $238.60 million during the quarter, compared to analyst estimates of $244.55 million. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The company’s revenue was down 8.3% on a year-over-year basis. During the same quarter last year, the business posted $0.19 earnings per share.

MITL has been the subject of a number of recent analyst reports. TheStreet raised shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. BidaskClub downgraded shares of Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 12th. National Bank Financial raised shares of Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $7.50 to $10.00 in a report on Friday, July 28th. Royal Bank Of Canada upped their price target on shares of Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $9.25.

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Mitel Networks Corporation (MITL) traded down 0.63% during mid-day trading on Thursday, hitting $7.95. 549,190 shares of the stock traded hands. Mitel Networks Corporation has a 52 week low of $6.21 and a 52 week high of $8.94. The firm’s 50-day moving average price is $8.18 and its 200-day moving average price is $7.26. The firm’s market cap is $940.06 million.

In related news, major shareholder Associates L.P. Elliott sold 154,184 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $8.29, for a total transaction of $1,278,185.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Terence H. Matthews sold 450,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $8.32, for a total transaction of $3,744,000.00. Following the transaction, the chairman now owns 40,703 shares of the company’s stock, valued at $338,648.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,591,291 shares of company stock valued at $13,071,888. 16.50% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd acquired a new position in Mitel Networks Corporation during the 2nd quarter worth approximately $205,000. Schafer Cullen Capital Management Inc. acquired a new position in Mitel Networks Corporation during the 2nd quarter worth approximately $257,000. Cullen Capital Management LLC acquired a new position in Mitel Networks Corporation during the 2nd quarter worth approximately $125,000. 1st Global Advisors Inc. increased its position in Mitel Networks Corporation by 1.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after purchasing an additional 337 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in Mitel Networks Corporation by 308.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,835 shares of the communications equipment provider’s stock worth $256,000 after purchasing an additional 26,315 shares in the last quarter. Institutional investors and hedge funds own 79.21% of the company’s stock.

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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