Bank of New York Mellon Corp Has $182,000 Position in Mitel Networks Corporation (NASDAQ:MITL)

Bank of New York Mellon Corp lowered its stake in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 41.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,242 shares of the communications equipment provider’s stock after selling 18,600 shares during the period. Bank of New York Mellon Corp’s holdings in Mitel Networks Corporation were worth $182,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC purchased a new position in shares of Mitel Networks Corporation during the fourth quarter valued at approximately $197,000. Foundry Partners LLC increased its position in shares of Mitel Networks Corporation by 13.5% in the first quarter. Foundry Partners LLC now owns 56,850 shares of the communications equipment provider’s stock valued at $394,000 after buying an additional 6,750 shares during the last quarter. FMR LLC increased its position in shares of Mitel Networks Corporation by 75.0% in the fourth quarter. FMR LLC now owns 104,310 shares of the communications equipment provider’s stock valued at $709,000 after buying an additional 44,700 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Mitel Networks Corporation by 11.8% in the first quarter. Russell Investments Group Ltd. now owns 265,236 shares of the communications equipment provider’s stock valued at $1,834,000 after buying an additional 27,972 shares during the last quarter. Finally, Rubric Capital Management LP increased its position in shares of Mitel Networks Corporation by 112.1% in the first quarter. Rubric Capital Management LP now owns 1,137,389 shares of the communications equipment provider’s stock valued at $7,882,000 after buying an additional 601,033 shares during the last quarter. Institutional investors own 78.92% of the company’s stock.

Shares of Mitel Networks Corporation (NASDAQ MITL) traded down 0.12% during trading on Friday, reaching $8.14. 25,578 shares of the company’s stock were exchanged. The stock’s market cap is $962.53 million. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.94. The company has a 50 day moving average of $7.61 and a 200 day moving average of $7.11.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.14. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The company had revenue of $238.60 million for the quarter, compared to the consensus estimate of $244.55 million. During the same period in the previous year, the firm earned $0.19 earnings per share. Mitel Networks Corporation’s quarterly revenue was down 8.3% compared to the same quarter last year. Equities research analysts anticipate that Mitel Networks Corporation will post $0.71 EPS for the current year.

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MITL has been the topic of several analyst reports. TheStreet upgraded shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. Royal Bank Of Canada reiterated a “hold” rating and set a $7.50 price target on shares of Mitel Networks Corporation in a report on Tuesday, May 2nd. BidaskClub downgraded shares of Mitel Networks Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. National Bank Financial upgraded shares of 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 report on Friday, July 28th. Finally, Zacks Investment Research downgraded shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Mitel Networks Corporation currently has a consensus rating of “Buy” and a consensus target price of $9.25.

In other Mitel Networks Corporation news, insider Richard D. Mcbee sold 55,000 shares of Mitel Networks Corporation stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $7.07, for a total transaction of $388,850.00. Following the transaction, the insider now directly owns 322,647 shares of the company’s stock, valued at $2,281,114.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Gerald Lokar sold 18,736 shares of Mitel Networks Corporation stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $8.64, for a total transaction of $161,879.04. Following the transaction, the insider now directly owns 14,752 shares in the company, valued at $127,457.28. The disclosure for this sale can be found here. Insiders have sold 2,113,687 shares of company stock worth $16,228,855 over the last ninety days. 16.50% of the stock is owned by insiders.

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.

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

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