City Financial Investment Co Ltd lifted its position in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 124.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,017,097 shares of the communications equipment provider’s stock after acquiring an additional 564,042 shares during the quarter. Mitel Networks accounts for approximately 0.4% of City Financial Investment Co Ltd’s investment portfolio, making the stock its 21st largest holding. City Financial Investment Co Ltd owned approximately 0.83% of Mitel Networks worth $11,208,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Mitel Networks by 5.4% during the 1st quarter. BlackRock Inc. now owns 207,626 shares of the communications equipment provider’s stock valued at $1,926,000 after acquiring an additional 10,620 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Mitel Networks by 1,031.0% during the 1st quarter. Allianz Asset Management GmbH now owns 197,245 shares of the communications equipment provider’s stock valued at $1,831,000 after acquiring an additional 179,805 shares during the last quarter. Xact Kapitalforvaltning AB bought a new stake in shares of Mitel Networks during the 2nd quarter valued at $259,000. Bank of Montreal Can bought a new stake in shares of Mitel Networks during the 2nd quarter valued at $1,979,000. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of Mitel Networks during the 2nd quarter valued at $6,389,000. Hedge funds and other institutional investors own 72.23% of the company’s stock.

Several brokerages have commented on MITL. BidaskClub cut shares of Mitel Networks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 29th. ValuEngine cut shares of Mitel Networks from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. Finally, Zacks Investment Research raised shares of Mitel Networks from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Tuesday, October 16th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $12.38.

Shares of MITL stock opened at $10.97 on Monday. Mitel Networks Corp has a 12-month low of $7.13 and a 12-month high of $11.31. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.77 and a current ratio of 0.94.

Mitel Networks (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Wednesday, October 24th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Mitel Networks had a negative net margin of 1.07% and a negative return on equity of 3.71%. The company had revenue of $309.60 million during the quarter. As a group, sell-side analysts anticipate that Mitel Networks Corp will post -0.26 EPS for the current fiscal year.

In other news, Director Peter Charbonneau sold 4,668 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $10.98, for a total value of $51,254.64. Following the completion of the transaction, the director now owns 59,969 shares of the company’s stock, valued at approximately $658,459.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Benjamin Ball sold 21,250 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $10.97, for a total transaction of $233,112.50. Following the completion of the transaction, the director now directly owns 51,125 shares of the company’s stock, valued at approximately $560,841.25. The disclosure for this sale can be found here. Insiders sold a total of 30,288 shares of company stock valued at $332,377 in the last three months. 5.60% of the stock is owned by company insiders.

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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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