HBK Investments L P boosted its holdings in shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 274.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 209,999 shares of the communications equipment provider’s stock after purchasing an additional 153,899 shares during the quarter. HBK Investments L P owned about 0.17% of Mitel Networks worth $1,728,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. River Road Asset Management LLC boosted its stake in Mitel Networks by 37.0% during the 4th quarter. River Road Asset Management LLC now owns 6,825,374 shares of the communications equipment provider’s stock valued at $56,173,000 after purchasing an additional 1,842,562 shares during the period. Cumberland Partners Ltd raised its holdings in Mitel Networks by 0.3% in the 4th quarter. Cumberland Partners Ltd now owns 2,394,730 shares of the communications equipment provider’s stock valued at $19,857,000 after acquiring an additional 6,600 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Mitel Networks by 15.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,167,189 shares of the communications equipment provider’s stock valued at $17,836,000 after acquiring an additional 282,180 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Mitel Networks by 30.5% in the 4th quarter. Acadian Asset Management LLC now owns 1,391,288 shares of the communications equipment provider’s stock valued at $11,451,000 after acquiring an additional 325,187 shares in the last quarter. Finally, Neuberger Berman Group LLC acquired a new position in Mitel Networks in the 3rd quarter valued at approximately $8,172,000. Hedge funds and other institutional investors own 80.71% of the company’s stock.
In other news, Chairman Terence H. Matthews sold 6,870 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $8.40, for a total value of $57,708.00. Following the completion of the transaction, the chairman now directly owns 59,084 shares of the company’s stock, valued at approximately $496,305.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Graham Bevington sold 8,605 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $8.01, for a total value of $68,926.05. Following the completion of the transaction, the insider now directly owns 29,692 shares of the company’s stock, valued at $237,832.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,056,525 shares of company stock valued at $8,602,948. 16.50% of the stock is currently owned by insiders.
Mitel Networks (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings results on Thursday, February 22nd. The communications equipment provider reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.08. Mitel Networks had a negative return on equity of 14.20% and a negative net margin of 4.69%. The firm had revenue of $355.90 million during the quarter, compared to analysts’ expectations of $345.88 million. During the same quarter in the prior year, the firm posted $0.22 EPS. The company’s revenue for the quarter was up 37.0% on a year-over-year basis. sell-side analysts anticipate that Mitel Networks Corp will post -0.26 EPS for the current fiscal year.
Mitel Networks declared that its Board of Directors has initiated a share buyback program on Wednesday, March 7th that authorizes the company to repurchase 61,000,000 shares. This repurchase authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Several equities analysts have commented on the company. BidaskClub raised Mitel Networks from a “sell” rating to a “hold” rating in a report on Thursday, March 15th. Zacks Investment Research raised Mitel Networks from a “sell” rating to a “hold” rating in a report on Saturday, March 3rd. Royal Bank of Canada upped their price target on Mitel Networks from $8.50 to $9.50 and gave the company a “sector perform” rating in a report on Friday, February 16th. GARP Research assumed coverage on Mitel Networks in a report on Tuesday, December 19th. They issued a “buy” rating for the company. Finally, Craig Hallum assumed coverage on Mitel Networks in a report on Thursday, December 14th. They issued a “buy” rating and a $14.00 price target for the company. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $12.50.
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About Mitel Networks
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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