Brokerages forecast that Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) will report $233.50 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Mitel Networks Corporation’s earnings, with estimates ranging from $230.00 million to $237.00 million. Mitel Networks Corporation reported sales of $279.80 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 16.5%. The business is scheduled to report its next earnings report before the market opens on Thursday, November 2nd.

On average, analysts expect that Mitel Networks Corporation will report full year sales of $233.50 million for the current year. For the next year, analysts anticipate that the company will post sales of $1.30 billion per share. Zacks’ sales calculations are an average based on a survey of research firms that cover Mitel Networks Corporation.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.14. The company had revenue of $238.60 million for the quarter, compared to analysts’ expectations of $244.55 million. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. Mitel Networks Corporation’s revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS.

Several analysts recently issued reports on MITL shares. Zacks Investment Research lowered shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th. National Bank Financial upgraded shares of Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $7.50 to $10.00 in a research report on Friday, July 28th. 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 boosted their target price 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. Finally, BidaskClub lowered shares of Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. Mitel Networks Corporation has a consensus rating of “Buy” and an average target price of $9.25.

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Shares of Mitel Networks Corporation (NASDAQ MITL) traded down 0.34% during mid-day trading on Friday, hitting $8.67. 378,040 shares of the company were exchanged. The company’s market capitalization is $1.03 billion. Mitel Networks Corporation has a 52 week low of $6.21 and a 52 week high of $8.94. The company has a 50 day moving average of $8.26 and a 200 day moving average of $7.53.

In other Mitel Networks Corporation news, insider Richard D. Mcbee sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $7.26, for a total value of $580,800.00. Following the completion of the transaction, the insider now directly owns 347,647 shares in the company, valued at $2,523,917.22. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Richard D. Mcbee sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $8.14, for a total transaction of $407,000.00. Following the completion of the transaction, the insider now owns 317,647 shares of the company’s stock, valued at $2,585,646.58. The disclosure for this sale can be found here. Insiders have sold 2,065,691 shares of company stock valued at $17,047,744 over the last 90 days. 16.50% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the business. 1st Global Advisors Inc. boosted its position in shares of Mitel Networks Corporation by 1.4% in the second 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 during the period. UBS Group AG boosted its position in shares of 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 purchasing an additional 570 shares during the period. Bank of Montreal Can boosted its position in shares of Mitel Networks Corporation by 2.6% in the second quarter. Bank of Montreal Can now owns 124,962 shares of the communications equipment provider’s stock worth $918,000 after purchasing an additional 3,156 shares during the period. FMR LLC boosted its position in shares of Mitel Networks Corporation by 2.2% in the second quarter. FMR LLC now owns 202,800 shares of the communications equipment provider’s stock worth $1,491,000 after purchasing an additional 4,310 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Mitel Networks Corporation by 1.7% in the second quarter. Russell Investments Group Ltd. now owns 269,863 shares of the communications equipment provider’s stock worth $1,980,000 after purchasing an additional 4,627 shares during the period. Institutional investors and hedge funds own 79.18% 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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