Mitel Networks Corporation (NASDAQ:MITL) Major Shareholder Sells $413,000.00 in Stock

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) major shareholder Associates L.P. Elliott sold 50,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $8.26, for a total value of $413,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Associates L.P. Elliott also recently made the following trade(s):

  • On Monday, August 28th, Associates L.P. Elliott sold 1,000 shares of Mitel Networks Corporation stock. The stock was sold at an average price of $8.25, for a total value of $8,250.00.
  • On Friday, August 25th, Associates L.P. Elliott sold 154,184 shares of Mitel Networks Corporation stock. The stock was sold at an average price of $8.29, for a total value of $1,278,185.36.

Shares of Mitel Networks Corporation (MITL) traded down 0.49% on Wednesday, hitting $8.15. The stock had a trading volume of 588,667 shares. The firm has a 50 day moving average price of $8.23 and a 200 day moving average price of $7.28. Mitel Networks Corporation has a one year low of $6.21 and a one year high of $8.94. The company’s market capitalization is $963.71 million.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last posted its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analyst estimates of $244.55 million. During the same period last year, the company earned $0.19 EPS. The firm’s revenue was down 8.3% on a year-over-year basis. On average, equities research analysts predict that Mitel Networks Corporation will post $0.68 earnings per share for the current fiscal year.

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MITL has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th. National Bank Financial raised Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $7.50 to $10.00 in a research report on Friday, July 28th. TheStreet raised Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Royal Bank Of Canada boosted their target price on Mitel Networks Corporation from $7.50 to $8.50 and gave the stock a “sector perform” rating in a research report on Friday, July 28th. Finally, BidaskClub lowered Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. Mitel Networks Corporation has a consensus rating of “Hold” and a consensus target price of $9.25.

Several large investors have recently bought and sold shares of the company. Alliancebernstein L.P. boosted its position in shares of Mitel Networks Corporation by 11.2% in the 2nd quarter. Alliancebernstein L.P. now owns 3,605,024 shares of the communications equipment provider’s stock worth $26,497,000 after purchasing an additional 364,370 shares during the last quarter. River Road Asset Management LLC bought a new position in shares of Mitel Networks Corporation in the 2nd quarter worth $26,104,000. Investment Counselors of Maryland LLC boosted its position in shares of Mitel Networks Corporation by 11.1% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 2,979,332 shares of the communications equipment provider’s stock worth $21,898,000 after purchasing an additional 297,200 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its position in shares of Mitel Networks Corporation by 37.0% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,838,000 shares of the communications equipment provider’s stock worth $20,859,000 after purchasing an additional 766,200 shares during the last quarter. Finally, Cumberland Partners Ltd boosted its position in shares of Mitel Networks Corporation by 18.5% in the 2nd quarter. Cumberland Partners Ltd now owns 2,401,430 shares of the communications equipment provider’s stock worth $17,628,000 after purchasing an additional 374,500 shares during the last quarter. Institutional investors and hedge funds own 79.21% 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.

Insider Buying and Selling by Quarter for Mitel Networks Corporation (NASDAQ:MITL)

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