Bank of Montreal Can purchased a new stake in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) during the second quarter, according to its most recent filing with the SEC. The fund purchased 180,409 shares of the communications equipment provider’s stock, valued at approximately $1,979,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wells Fargo & Company MN increased its holdings in shares of Mitel Networks by 90.0% in the 4th quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock worth $152,000 after buying an additional 8,729 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Mitel Networks by 5.4% in the 1st quarter. BlackRock Inc. now owns 207,626 shares of the communications equipment provider’s stock worth $1,926,000 after buying an additional 10,620 shares during the last quarter. Teton Advisors Inc. increased its holdings in shares of Mitel Networks by 7.7% in the 1st quarter. Teton Advisors Inc. now owns 149,900 shares of the communications equipment provider’s stock worth $1,391,000 after buying an additional 10,700 shares during the last quarter. Suffolk Capital Management LLC increased its holdings in shares of Mitel Networks by 14.4% in the 1st quarter. Suffolk Capital Management LLC now owns 101,402 shares of the communications equipment provider’s stock worth $941,000 after buying an additional 12,767 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Mitel Networks by 11.8% in the 4th quarter. Geode Capital Management LLC now owns 146,448 shares of the communications equipment provider’s stock worth $1,204,000 after buying an additional 15,424 shares during the last quarter. Institutional investors own 74.22% of the company’s stock.

MITL has been the topic of a number of research reports. Craig Hallum downgraded shares of Mitel Networks from a “buy” rating to a “hold” rating and set a $14.00 target price on the stock. in a report on Tuesday, May 15th. ValuEngine upgraded shares of Mitel Networks from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. BidaskClub upgraded shares of Mitel Networks from a “hold” rating to a “buy” rating in a report on Friday, April 20th. Finally, Royal Bank of Canada boosted their target price on shares of Mitel Networks from $9.50 to $11.15 and gave the stock a “sector perform” rating in a report on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $13.05.

In related news, Director Peter Charbonneau sold 10,460 shares of the company’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total transaction of $115,164.60. Following the transaction, the director now directly owns 60,346 shares in the company, valued at approximately $664,409.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Todd Abbott sold 2,448 shares of the company’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total transaction of $26,952.48. Following the transaction, the executive vice president now owns 7,552 shares in the company, valued at $83,147.52. The disclosure for this sale can be found here. Insiders have sold a total of 15,782 shares of company stock worth $173,760 over the last quarter. 5.60% of the stock is currently owned by insiders.

Mitel Networks stock opened at $10.99 on Tuesday. Mitel Networks Corp has a twelve month low of $7.13 and a twelve month high of $11.31. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.87 and a current ratio of 1.05. The stock has a market capitalization of $1.34 billion, a PE ratio of -27.43 and a beta of 2.32.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings results on Wednesday, August 1st. The communications equipment provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $324.70 million for the quarter. Mitel Networks had a negative net margin of 2.76% and a negative return on equity of 9.58%.

Mitel Networks Profile

Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.

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Institutional Ownership by Quarter for Mitel Networks (NASDAQ:MITL)

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