Tower Research Capital LLC TRC reduced its position in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,420 shares of the communications equipment provider’s stock after selling 1,175 shares during the period. Tower Research Capital LLC TRC’s holdings in Mitel Networks Corporation were worth $109,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Alliancebernstein L.P. increased its stake in 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 worth $26,497,000 after buying an additional 364,370 shares in the last quarter. River Road Asset Management LLC purchased a new stake in Mitel Networks Corporation during the 2nd quarter worth approximately $26,104,000. Investment Counselors of Maryland LLC increased its stake in Mitel Networks Corporation by 11.1% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 2,979,332 shares of the communications equipment provider’s stock worth $21,898,000 after buying an additional 297,200 shares in the last quarter. Paradigm Capital Management Inc. NY increased its stake in 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 worth $20,859,000 after buying an additional 766,200 shares in the last quarter. Finally, Cumberland Partners Ltd increased its stake in Mitel Networks Corporation by 18.5% during the 2nd quarter. Cumberland Partners Ltd now owns 2,401,430 shares of the communications equipment provider’s stock worth $17,628,000 after buying an additional 374,500 shares in the last quarter. Institutional investors own 79.18% of the company’s stock.

In related news, Chairman Terence H. Matthews sold 350,000 shares of Mitel Networks Corporation stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $8.35, for a total transaction of $2,922,500.00. Following the completion of the transaction, the chairman now directly owns 40,703 shares in the company, valued at approximately $339,870.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Associates L.P. Elliott sold 154,184 shares of Mitel Networks Corporation stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $8.29, for a total value of $1,278,185.36. The disclosure for this sale can be found here. Insiders have sold a total of 2,120,691 shares of company stock valued at $17,436,594 over the last 90 days. Insiders own 16.50% of the company’s stock.

Several equities research analysts have commented on the company. BidaskClub lowered Mitel Networks Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 12th. Zacks Investment Research upgraded Mitel Networks Corporation from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Royal Bank Of Canada upped their price target on 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. TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Finally, National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $7.50 to $10.00 in a research report on Friday, July 28th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $9.25.

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Shares of Mitel Networks Corporation (MITL) opened at 8.76 on Friday. The stock has a 50 day moving average price of $8.26 and a 200-day moving average price of $7.52. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week high of $8.94. The stock’s market capitalization is $1.04 billion.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. Mitel Networks Corporation had a positive return on equity of 4.69% and a negative net margin of 20.50%. The firm had revenue of $238.60 million during the quarter, compared to the consensus estimate of $244.55 million. During the same period in the previous year, the firm posted $0.19 EPS. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, equities research analysts predict that Mitel Networks Corporation will post $0.63 EPS for the current fiscal year.

Mitel Networks Corporation Company Profile

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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