Cumberland Partners Ltd decreased its stake in shares of Mitel Networks Corp. (NASDAQ:MITL) by 46.0% during the second quarter, Holdings Channel reports. The fund owned 2,012,730 shares of the company’s stock after selling 1,712,790 shares during the period. Mitel Networks Corp. accounts for approximately 1.8% of Cumberland Partners Ltd’s investment portfolio, making the stock its 21st largest position. Cumberland Partners Ltd’s holdings in Mitel Networks Corp. were worth $12,548,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MITL. 1832 Asset Management L.P. raised its stake in Mitel Networks Corp. by 49.8% in the first quarter. 1832 Asset Management L.P. now owns 2,632,457 shares of the company’s stock valued at $36,159,000 after buying an additional 875,157 shares during the last quarter. NWQ Investment Management Company LLC raised its stake in Mitel Networks Corp. by 4.4% in the first quarter. NWQ Investment Management Company LLC now owns 12,723,384 shares of the company’s stock valued at $104,077,000 after buying an additional 540,055 shares during the last quarter. Elliott Management Corp raised its stake in Mitel Networks Corp. by 1.9% in the first quarter. Elliott Management Corp now owns 11,768,719 shares of the company’s stock valued at $96,268,000 after buying an additional 219,848 shares during the last quarter. Renaissance Technologies LLC raised its stake in Mitel Networks Corp. by 10.1% in the first quarter. Renaissance Technologies LLC now owns 1,364,643 shares of the company’s stock valued at $11,163,000 after buying an additional 125,055 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in Mitel Networks Corp. by 1.0% in the first quarter. Royal Bank of Canada now owns 3,904,703 shares of the company’s stock valued at $31,940,000 after buying an additional 38,909 shares during the last quarter. Institutional investors and hedge funds own 83.03% of the company’s stock.

Mitel Networks Corp. (NASDAQ:MITL) traded up 0.82% during mid-day trading on Thursday, reaching $7.40. 205,164 shares of the company’s stock traded hands. Mitel Networks Corp. has a one year low of $5.81 and a one year high of $8.90. The firm’s market cap is $899.82 million. The firm’s 50-day moving average price is $7.61 and its 200 day moving average price is $7.12.

Mitel Networks Corp. (NASDAQ:MITL) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.05. The firm had revenue of $307.20 million for the quarter, compared to the consensus estimate of $292.05 million. Mitel Networks Corp. had a negative net margin of 3.91% and a positive return on equity of 12.57%. The company’s revenue was up 10.9% on a year-over-year basis. During the same period last year, the firm earned $0.18 EPS. On average, equities analysts forecast that Mitel Networks Corp. will post $0.63 EPS for the current year.

About Mitel Networks Corp.

Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company operates through three segments: Enterprise, Cloud and Mobile. 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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