Guardian Capital LP decreased its holdings in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,270,290 shares of the communications equipment provider’s stock after selling 94,349 shares during the quarter. Guardian Capital LP owned 4.39% of Mitel Networks worth $44,022,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank of Montreal Can raised its position in shares of Mitel Networks by 2.6% in the 2nd quarter. Bank of Montreal Can now owns 124,962 shares of the communications equipment provider’s stock valued at $918,000 after buying an additional 3,156 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Mitel Networks by 1.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 269,863 shares of the communications equipment provider’s stock valued at $1,980,000 after buying an additional 4,627 shares in the last quarter. TD Asset Management Inc. raised its position in shares of Mitel Networks by 3.5% in the 2nd quarter. TD Asset Management Inc. now owns 375,203 shares of the communications equipment provider’s stock valued at $2,753,000 after buying an additional 12,855 shares in the last quarter. Foundry Partners LLC raised its position in shares of Mitel Networks by 34.6% in the 2nd quarter. Foundry Partners LLC now owns 76,525 shares of the communications equipment provider’s stock valued at $562,000 after buying an additional 19,675 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Mitel Networks by 54.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 40,433 shares of the communications equipment provider’s stock valued at $298,000 after buying an additional 14,191 shares in the last quarter. Institutional investors and hedge funds own 80.05% of the company’s stock.

Several brokerages have recently commented on MITL. Zacks Investment Research upgraded shares of Mitel Networks from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 5th. BidaskClub cut shares of Mitel Networks from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Royal Bank of Canada restated a “hold” rating and issued a $8.50 target price on shares of Mitel Networks in a research report on Thursday, November 2nd. National Bank Financial boosted their target price on shares of Mitel Networks from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. Finally, TheStreet cut shares of Mitel Networks from a “b” rating to a “c” rating in a research report on Tuesday, November 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $11.25.

Shares of Mitel Networks Corp (NASDAQ:MITL) opened at $7.37 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. Mitel Networks Corp has a 1-year low of $6.21 and a 1-year high of $9.13.

In related news, insider Gregory James Hiscock sold 3,125 shares of Mitel Networks stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $8.14, for a total transaction of $25,437.50. Following the sale, the insider now directly owns 6,063 shares of the company’s stock, valued at approximately $49,352.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Associates L.P. Elliott sold 150,800 shares of Mitel Networks stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $8.25, for a total transaction of $1,244,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 509,644 shares of company stock worth $4,202,729 over the last ninety days. 16.50% of the stock is currently owned by insiders.

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About Mitel Networks

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 (NASDAQ:MITL)

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