Emerald Mutual Fund Advisers Trust Maintains Stake in Mitel Networks Corporation (NASDAQ:MITL)

Emerald Mutual Fund Advisers Trust maintained its position in Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,745 shares of the communications equipment provider’s stock at the end of the second quarter. Emerald Mutual Fund Advisers Trust’s holdings in Mitel Networks Corporation were worth $130,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. FMR LLC raised its position in Mitel Networks Corporation by 75.0% in the fourth quarter. FMR LLC now owns 104,310 shares of the communications equipment provider’s stock valued at $709,000 after buying an additional 44,700 shares during the last quarter. AQR Capital Management LLC acquired a new position in Mitel Networks Corporation during the fourth quarter valued at approximately $197,000. Foundry Partners LLC raised its position in Mitel Networks Corporation by 13.5% in the first quarter. Foundry Partners LLC now owns 56,850 shares of the communications equipment provider’s stock valued at $394,000 after buying an additional 6,750 shares during the last quarter. Russell Investments Group Ltd. raised its position in Mitel Networks Corporation by 11.8% in the first quarter. Russell Investments Group Ltd. now owns 265,236 shares of the communications equipment provider’s stock valued at $1,834,000 after buying an additional 27,972 shares during the last quarter. Finally, Investment Counselors of Maryland LLC acquired a new position in Mitel Networks Corporation during the first quarter valued at approximately $18,587,000. Hedge funds and other institutional investors own 78.92% of the company’s stock.

Mitel Networks Corporation (NASDAQ:MITL) traded up 0.61% during midday trading on Friday, hitting $8.20. The stock had a trading volume of 559,928 shares. Mitel Networks Corporation has a 12-month low of $6.21 and a 12-month high of $8.94. The company’s 50-day moving average price is $7.64 and its 200 day moving average price is $7.11. The stock’s market cap is $969.63 million.

Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) last released its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. Mitel Networks Corporation had a negative net margin of 20.50% and a positive return on equity of 4.69%. The firm had revenue of $238.60 million for the quarter, compared to analysts’ expectations of $244.55 million. During the same period in the prior year, the firm earned $0.19 EPS. The business’s revenue was down 8.3% on a year-over-year basis. On average, equities research analysts predict that Mitel Networks Corporation will post $0.71 earnings per share for the current fiscal year.

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Several equities analysts recently commented on MITL shares. Royal Bank Of Canada reiterated a “hold” rating and issued a $7.50 target price on shares of Mitel Networks Corporation in a research note on Tuesday, May 2nd. National Bank Financial lowered Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a research note on Thursday, May 4th. BidaskClub lowered Mitel Networks Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Zacks Investment Research lowered Mitel Networks Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Finally, TheStreet upgraded Mitel Networks Corporation from a “c” rating to a “b-” rating in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $9.25.

In other news, insider Richard D. Mcbee sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $7.07, for a total transaction of $388,850.00. Following the transaction, the insider now directly owns 322,647 shares of the company’s stock, valued at $2,281,114.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Terence H. Matthews sold 971,900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $7.08, for a total transaction of $6,881,052.00. Following the transaction, the chairman now directly owns 40,703 shares in the company, valued at $288,177.24. The disclosure for this sale can be found here. Insiders have sold 2,115,449 shares of company stock worth $16,243,373 over the last ninety days. Insiders own 16.50% of the company’s stock.

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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