AHL Partners LLP Decreases Holdings in Mitel Networks Corporation (MITL)

AHL Partners LLP lowered its stake in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 46.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,883 shares of the communications equipment provider’s stock after selling 41,485 shares during the period. AHL Partners LLP’s holdings in Mitel Networks Corporation were worth $352,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. River Road Asset Management LLC acquired a new stake in shares of Mitel Networks Corporation during the 2nd quarter valued at $26,104,000. Sentry Investments Corp. acquired a new stake in shares of Mitel Networks Corporation during the 2nd quarter valued at $12,866,000. Paradigm Capital Management Inc. NY boosted its stake in shares of Mitel Networks Corporation by 37.0% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,838,000 shares of the communications equipment provider’s stock valued at $20,859,000 after buying an additional 766,200 shares during the period. Eidelman Virant Capital acquired a new stake in shares of Mitel Networks Corporation during the 2nd quarter valued at $1,249,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Mitel Networks Corporation by 11.2% during the 2nd quarter. Alliancebernstein L.P. now owns 3,605,024 shares of the communications equipment provider’s stock valued at $26,497,000 after buying an additional 364,370 shares during the period. 79.18% of the stock is owned by institutional investors.

A number of equities research analysts have issued reports on the stock. BidaskClub raised shares of Mitel Networks Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 3rd. TheStreet raised shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a research note on Thursday, July 27th. Zacks Investment Research raised shares of Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 27th. National Bank Financial raised shares of Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $7.50 to $10.00 in a research note on Friday, July 28th. Finally, Royal Bank Of Canada lifted 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 note on Friday, July 28th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Mitel Networks Corporation has a consensus rating of “Buy” and an average price target of $9.25.

Shares of Mitel Networks Corporation (MITL) opened at 8.77 on Friday. Mitel Networks Corporation has a 52 week low of $6.21 and a 52 week high of $8.94. The firm’s market cap is $1.04 billion. The firm’s 50 day moving average is $8.34 and its 200-day moving average is $7.59.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. The company had revenue of $238.60 million during 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%. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 earnings per share. Equities research analysts predict that Mitel Networks Corporation will post $0.63 EPS for the current year.

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In other news, insider Gregory James Hiscock sold 3,125 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $8.14, for a total value of $25,437.50. Following the completion of the transaction, the insider now owns 6,063 shares in the company, valued at $49,352.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Associates L.P. Elliott sold 350,475 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $8.25, for a total transaction of $2,891,418.75. The disclosure for this sale can be found here. Insiders sold 2,065,691 shares of company stock valued at $17,047,744 in the last quarter. Corporate 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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Institutional Ownership by Quarter for Mitel Networks Corporation (NASDAQ:MITL)

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