Kestrel Investment Management Corp lowered its stake in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 723,850 shares of the communications equipment provider’s stock after selling 30,200 shares during the period. Mitel Networks Corporation makes up 2.0% of Kestrel Investment Management Corp’s holdings, making the stock its 28th largest position. Kestrel Investment Management Corp owned 0.61% of Mitel Networks Corporation worth $5,320,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MITL. Pinnacle Associates Ltd. raised its position in shares of Mitel Networks Corporation by 20.2% in the first quarter. Pinnacle Associates Ltd. now owns 121,850 shares of the communications equipment provider’s stock valued at $844,000 after buying an additional 20,500 shares during the period. Oxford Asset Management purchased a new position in shares of Mitel Networks Corporation during the first quarter valued at $915,000. Trexquant Investment LP raised its position in shares of Mitel Networks Corporation by 33.2% in the first quarter. Trexquant Investment LP now owns 100,805 shares of the communications equipment provider’s stock valued at $699,000 after buying an additional 25,148 shares during the period. Nine Chapters Capital Management LLC raised its position in shares of Mitel Networks Corporation by 206.9% in the first quarter. Nine Chapters Capital Management LLC now owns 75,500 shares of the communications equipment provider’s stock valued at $523,000 after buying an additional 50,900 shares during the period. Finally, Stevens Capital Management LP raised its position in shares of Mitel Networks Corporation by 12.1% in the first quarter. Stevens Capital Management LP now owns 16,888 shares of the communications equipment provider’s stock valued at $117,000 after buying an additional 1,818 shares during the period. 79.21% of the stock is owned by institutional investors and hedge funds.

Mitel Networks Corporation (NASDAQ:MITL) traded up 0.921% during midday trading on Friday, hitting $8.215. The company’s stock had a trading volume of 215,570 shares. Mitel Networks Corporation has a 12 month low of $6.21 and a 12 month high of $8.94. The firm’s market cap is $971.40 million. The company’s 50 day moving average price is $8.02 and its 200 day moving average price is $7.23.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last issued its earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, topping 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 negative net margin of 20.50% and a positive return on equity of 4.69%. Mitel Networks Corporation’s quarterly revenue 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. Analysts expect that Mitel Networks Corporation will post $0.68 EPS for the current year.

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Several equities analysts have weighed in on the company. BidaskClub raised Mitel Networks Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 3rd. TheStreet raised Mitel Networks Corporation from a “c” rating to a “b-” rating in a report on Thursday, July 27th. National Bank Financial raised Mitel Networks Corporation from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $7.50 to $10.00 in a report on Friday, July 28th. Royal Bank Of Canada increased their price objective on Mitel Networks Corporation from $7.50 to $8.50 and gave the company a “sector perform” rating in a report on Friday, July 28th. Finally, Zacks Investment Research lowered Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. 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 stock. The company currently has an average rating of “Hold” and an average target price of $9.25.

In related news, Chairman Terence H. Matthews sold 350,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $8.35, for a total value of $2,922,500.00. Following the completion of the transaction, the chairman now owns 40,703 shares of the company’s stock, valued at approximately $339,870.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Richard D. Mcbee sold 55,000 shares of the company’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $7.07, for a total transaction of $388,850.00. Following the completion of the transaction, the insider now directly owns 322,647 shares of the company’s stock, valued at approximately $2,281,114.29. The disclosure for this sale can be found here. Insiders sold a total of 1,504,237 shares of company stock valued at $12,357,619 in the last ninety days. 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.

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

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