Bank of America Corp DE increased its position in Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 580,037 shares of the communications equipment provider’s stock after buying an additional 6,584 shares during the period. Bank of America Corp DE owned approximately 0.47% of Mitel Networks Corporation worth $4,019,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. UBS Group AG increased 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 buying an additional 570 shares in the last quarter. Stevens Capital Management LP increased its position in shares of 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 in the last quarter. Toronto Dominion Bank increased its position in shares of Mitel Networks Corporation by 47.7% in the first quarter. Toronto Dominion Bank now owns 19,827 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 6,401 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Mitel Networks Corporation during the fourth quarter worth approximately $197,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Mitel Networks Corporation during the first quarter worth approximately $254,000. Institutional investors and hedge funds own 75.67% of the company’s stock.
Shares of Mitel Networks Corporation (MITL) traded down 0.287% during trading on Friday, reaching $8.695. 109,318 shares of the company’s stock were exchanged. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.79. The company has a 50 day moving average of $7.38 and a 200 day moving average of $7.03. The stock’s market cap is $1.03 billion.
Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $244.55 million. During the same period last year, the business earned $0.19 earnings per share. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. Equities research analysts anticipate that Mitel Networks Corporation will post $0.71 EPS for the current year.
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MITL has been the topic of a number of research analyst reports. TheStreet upgraded shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research note on Thursday, July 27th. Royal Bank Of Canada restated a “hold” rating and issued a $7.50 target price on shares of Mitel Networks Corporation in a research note on Tuesday, May 2nd. BidaskClub downgraded shares of Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. National Bank Financial upgraded shares of Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $7.50 to $10.00 in a research note 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 research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $9.25.
In related news, Director David M. Williams purchased 10,000 shares of the company’s stock in a transaction on Friday, June 9th. The stock was acquired at an average cost of $7.51 per share, for a total transaction of $75,100.00. Following the completion of the transaction, the director now directly owns 220,000 shares in the company, valued at $1,652,200. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Terence H. Matthews sold 971,900 shares of Mitel Networks Corporation stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $7.08, for a total transaction of $6,881,052.00. Following the sale, the chairman now owns 40,703 shares of the company’s stock, valued at $288,177.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,294,356 shares of company stock valued at $9,395,412. Company insiders own 16.50% 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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