Mitel Networks Corp (MITL) Holdings Boosted by Bank of New York Mellon Corp
Bank of New York Mellon Corp boosted its position in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 148.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 100,272 shares of the communications equipment provider’s stock after acquiring an additional 59,839 shares during the quarter. Bank of New York Mellon Corp’s holdings in Mitel Networks were worth $841,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. 1st Global Advisors Inc. lifted its holdings in Mitel Networks by 1.4% in the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after buying an additional 337 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Mitel Networks by 362.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 67,206 shares of the communications equipment provider’s stock worth $494,000 after buying an additional 52,686 shares in the last quarter. Gotham Asset Management LLC acquired a new position in Mitel Networks in the 2nd quarter worth $542,000. River Road Asset Management LLC lifted its holdings in Mitel Networks by 40.3% in the 3rd quarter. River Road Asset Management LLC now owns 4,982,812 shares of the communications equipment provider’s stock worth $41,806,000 after buying an additional 1,431,222 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in Mitel Networks by 308.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,835 shares of the communications equipment provider’s stock worth $256,000 after buying an additional 26,315 shares in the last quarter. Hedge funds and other institutional investors own 80.05% of the company’s stock.
MITL has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated a “hold” rating and issued a $8.50 price objective on shares of Mitel Networks in a report on Thursday, November 2nd. TheStreet lowered shares of Mitel Networks from a “b” rating to a “c” rating in a report on Tuesday, November 14th. GARP Research started coverage on shares of Mitel Networks in a research note on Tuesday, December 19th. They issued a “buy” rating on the stock. Craig Hallum started coverage on shares of Mitel Networks in a research note on Thursday, December 14th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of Mitel Networks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $12.17.
In related news, insider Richard D. Mcbee bought 10,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the purchase, the insider now owns 268,047 shares in the company, valued at approximately $2,144,376. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders sold 5,244 shares of company stock worth $41,773. Company insiders own 16.50% of the company’s stock.
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Mitel Networks 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.
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