Millennium Management LLC Increases Position in Mitel Networks Corp (MITL)

Millennium Management LLC lifted its position in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 325.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 342,747 shares of the communications equipment provider’s stock after purchasing an additional 262,196 shares during the period. Millennium Management LLC owned 0.28% of Mitel Networks worth $3,760,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Toronto Dominion Bank boosted its holdings in shares of Mitel Networks by 17.6% in the second quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock valued at $409,000 after purchasing an additional 5,598 shares during the period. BlackRock Inc. boosted its holdings in shares of Mitel Networks by 2.8% in the second quarter. BlackRock Inc. now owns 213,410 shares of the communications equipment provider’s stock valued at $2,341,000 after purchasing an additional 5,784 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of Mitel Networks by 44.8% in the second quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock valued at $314,000 after purchasing an additional 8,883 shares during the period. TD Asset Management Inc. boosted its holdings in shares of Mitel Networks by 3.3% in the second quarter. TD Asset Management Inc. now owns 345,270 shares of the communications equipment provider’s stock valued at $3,777,000 after purchasing an additional 10,900 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Mitel Networks by 38.2% in the second quarter. CIBC Asset Management Inc now owns 53,951 shares of the communications equipment provider’s stock valued at $591,000 after purchasing an additional 14,917 shares during the period. Hedge funds and other institutional investors own 80.65% of the company’s stock.

A number of brokerages recently issued reports on MITL. ValuEngine lowered Mitel Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 2nd. BidaskClub upgraded Mitel Networks from a “hold” rating to a “buy” rating in a report on Thursday, June 28th. Finally, Zacks Investment Research lowered Mitel Networks from a “buy” rating to a “hold” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Mitel Networks currently has a consensus rating of “Buy” and a consensus target price of $12.79.

Shares of NASDAQ:MITL opened at $11.01 on Friday. The company has a market capitalization of $1.36 billion, a P/E ratio of -27.53 and a beta of 2.17. Mitel Networks Corp has a 52 week low of $7.13 and a 52 week high of $11.31. The company has a quick ratio of 0.87, a current ratio of 1.05 and a debt-to-equity ratio of 1.31.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last issued its quarterly earnings data on Wednesday, August 1st. The communications equipment provider reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $324.70 million during the quarter. Mitel Networks had a negative net margin of 2.76% and a negative return on equity of 9.58%. On average, sell-side analysts predict that Mitel Networks Corp will post -0.26 EPS for the current fiscal year.

In related news, Director Peter Charbonneau sold 10,460 shares of the business’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $11.01, for a total value of $115,164.60. Following the completion of the transaction, the director now owns 60,346 shares of the company’s stock, valued at $664,409.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Todd Abbott sold 2,448 shares of the business’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $11.01, for a total transaction of $26,952.48. Following the completion of the transaction, the executive vice president now directly owns 7,552 shares of the company’s stock, valued at approximately $83,147.52. The disclosure for this sale can be found here. Insiders sold 43,019 shares of company stock valued at $472,596 in the last three months. 5.60% of the stock is currently owned by insiders.

About Mitel Networks

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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