Intrinsic Edge Capital Management LLC acquired a new position in Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 304,463 shares of the communications equipment provider’s stock, valued at approximately $2,238,000. Intrinsic Edge Capital Management LLC owned approximately 0.26% of Mitel Networks Corporation as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in MITL. Campbell & CO Investment Adviser LLC purchased a new position in Mitel Networks Corporation in the second quarter worth $109,000. UBS Group AG raised its position in Mitel Networks Corporation by 3.6% in the first quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after acquiring an additional 570 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Mitel Networks Corporation by 146.4% in the first quarter. Tower Research Capital LLC TRC now owns 12,595 shares of the communications equipment provider’s stock worth $115,000 after acquiring an additional 7,483 shares in the last quarter. Quantbot Technologies LP purchased a new position in Mitel Networks Corporation in the second quarter worth $143,000. Finally, JPMorgan Chase & Co. purchased a new position in Mitel Networks Corporation in the first quarter worth $254,000. Hedge funds and other institutional investors own 79.18% of the company’s stock.

Several research analysts have issued reports on MITL shares. Zacks Investment Research cut Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th. National Bank Financial upgraded Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $7.50 to $10.00 in a research report on Friday, July 28th. TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Royal Bank Of Canada increased their price objective 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 cut Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $9.25.

In other news, major shareholder Associates L.P. Elliott sold 350,475 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $8.25, for a total value of $2,891,418.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Richard D. Mcbee sold 55,000 shares of the business’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $7.07, for a total value of $388,850.00. Following the completion of the sale, the insider now directly owns 322,647 shares in the company, valued at approximately $2,281,114.29. The disclosure for this sale can be found here. Insiders have sold a total of 2,120,691 shares of company stock valued at $17,436,594 in the last quarter. 16.50% of the stock is currently owned by insiders.

Mitel Networks Corporation (NASDAQ:MITL) traded up 0.24% on Friday, reaching $8.50. The company’s stock had a trading volume of 255,027 shares. Mitel Networks Corporation has a 52-week low of $6.21 and a 52-week high of $8.94. The firm’s market capitalization is $1.01 billion. The firm has a 50-day moving average price of $8.19 and a 200 day moving average price of $7.45.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last announced its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $238.60 million during the quarter, compared to analyst estimates of $244.55 million. During the same quarter in the previous year, the firm posted $0.19 EPS. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. Equities analysts anticipate that Mitel Networks Corporation will post $0.63 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Mitel Networks Corporation (NASDAQ:MITL)

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