Bank of New York Mellon Corp decreased its position in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 41.5% during the first quarter, Holdings Channel reports. The institutional investor 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 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MITL. Investment Counselors of Maryland LLC bought a new stake in shares of Mitel Networks Corporation during the first quarter worth $18,587,000. Rubric Capital Management LP boosted its stake 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 worth $7,882,000 after buying an additional 601,033 shares in the last quarter. Cumberland Partners Ltd boosted its stake in shares of Mitel Networks Corporation by 3.8% in the first quarter. Cumberland Partners Ltd now owns 2,026,930 shares of the communications equipment provider’s stock worth $14,029,000 after buying an additional 74,500 shares in the last quarter. FMR LLC boosted its stake 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 worth $709,000 after buying an additional 44,700 shares in the last quarter. Finally, AQR Capital Management LLC bought a new stake in shares of Mitel Networks Corporation during the fourth quarter worth $197,000. Institutional investors and hedge funds own 78.92% of the company’s stock.

Shares of Mitel Networks Corporation (NASDAQ MITL) traded down 0.12% on Friday, hitting $8.14. 25,578 shares of the company were exchanged. The company has a 50-day moving average price of $7.61 and a 200 day moving average price of $7.11. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week high of $8.94. The firm’s market cap is $962.53 million.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings data on Thursday, July 27th. The communications equipment provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $238.60 million during the quarter, compared to the consensus estimate of $244.55 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The firm’s revenue was down 8.3% on a year-over-year basis. Analysts predict that Mitel Networks Corporation will post $0.71 EPS for the current fiscal year.

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MITL has been the subject of a number of recent analyst reports. National Bank Financial cut shares of Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a research report on Thursday, May 4th. Zacks Investment Research cut shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. Royal Bank Of Canada restated a “hold” rating and issued a $7.50 price objective on shares of Mitel Networks Corporation in a report on Tuesday, May 2nd. TheStreet upgraded shares of Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. Finally, BidaskClub cut shares of Mitel Networks Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Mitel Networks Corporation presently has a consensus rating of “Buy” and a consensus price target of $9.25.

In related news, insider Gregory James Hiscock sold 3,750 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $7.34, for a total transaction of $27,525.00. Following the completion of the transaction, the insider now directly owns 12,313 shares of the company’s stock, valued at $90,377.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David M. Williams purchased 10,000 shares of Mitel Networks Corporation stock in a transaction that occurred on Friday, June 9th. The shares were bought at an average cost of $7.51 per share, with a total value of $75,100.00. Following the completion of the transaction, the director now directly owns 220,000 shares of the company’s stock, valued at approximately $1,652,200. The disclosure for this purchase can be found here. Insiders sold 2,113,687 shares of company stock valued at $16,228,855 over the last 90 days. Corporate insiders own 16.50% of the company’s stock.

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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