Francisco Partners Management LP Maintains Stake in Mitel Networks Corporation (MITL)
Francisco Partners Management LP continued to hold its position in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) during the second quarter, according to its most recent filing with the SEC. The firm owned 6,427,317 shares of the communications equipment provider’s stock at the end of the second quarter. Mitel Networks Corporation accounts for approximately 14.6% of Francisco Partners Management LP’s portfolio, making the stock its 3rd largest position. Francisco Partners Management LP owned approximately 0.05% of Mitel Networks Corporation worth $47,241,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Investment Counselors of Maryland LLC acquired a new position in shares of Mitel Networks Corporation during the first quarter valued at about $18,587,000. Ionic Capital Management LLC acquired a new position in shares of Mitel Networks Corporation during the first quarter valued at about $7,128,000. Point72 Asset Management L.P. acquired a new position in shares of Mitel Networks Corporation during the first quarter valued at about $5,741,000. Kestrel Investment Management Corp acquired a new position in shares of Mitel Networks Corporation during the first quarter valued at about $5,226,000. Finally, Acadian Asset Management LLC boosted its position in shares of Mitel Networks Corporation by 10,459.2% in the second quarter. Acadian Asset Management LLC now owns 724,147 shares of the communications equipment provider’s stock valued at $5,322,000 after buying an additional 717,289 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors.
Mitel Networks Corporation (MITL) opened at 8.10 on Wednesday. The firm has a 50 day moving average of $7.69 and a 200 day moving average of $7.13. The firm’s market capitalization is $957.80 million. Mitel Networks Corporation has a one year low of $6.21 and a one year high of $8.94.
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 the consensus estimate of ($0.01) by $0.14. The company had revenue of $238.60 million during the quarter, compared to the consensus estimate of $244.55 million. Mitel Networks Corporation had a positive return on equity of 4.69% and a negative net margin of 20.50%. The firm’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. Equities analysts forecast that Mitel Networks Corporation will post $0.71 EPS for the current year.
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Several equities analysts have recently issued reports on MITL shares. Zacks Investment Research cut shares of Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 19th. National Bank Financial cut shares of Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a report on Thursday, May 4th. Royal Bank Of Canada reiterated a “hold” rating and issued a $7.50 target price 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 research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $9.25.
In related news, Chairman Terence H. Matthews sold 971,900 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $7.08, for a total value of $6,881,052.00. Following the sale, the chairman now owns 40,703 shares in the company, valued at approximately $288,177.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gregory James Hiscock sold 3,750 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $7.34, for a total value of $27,525.00. Following the completion of the sale, the insider now owns 12,313 shares in the company, valued at approximately $90,377.42. The disclosure for this sale can be found here. In the last three months, insiders sold 2,111,870 shares of company stock valued at $16,219,525. 16.50% of the stock is currently 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.
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