Mint Tower Capital Management B.V. Purchases 129,900 Shares of Mitel Networks Corp (MITL)

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Mint Tower Capital Management B.V. raised its position in Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 231.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 186,000 shares of the communications equipment provider’s stock after acquiring an additional 129,900 shares during the period. Mitel Networks comprises approximately 0.3% of Mint Tower Capital Management B.V.’s holdings, making the stock its 29th largest holding. Mint Tower Capital Management B.V. owned 0.15% of Mitel Networks worth $2,050,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Toronto Dominion Bank raised its holdings in Mitel Networks by 17.6% in the 2nd quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock valued at $409,000 after acquiring an additional 5,598 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Mitel Networks by 2.8% in the 2nd quarter. BlackRock Inc. now owns 213,410 shares of the communications equipment provider’s stock worth $2,341,000 after buying an additional 5,784 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Mitel Networks by 44.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock worth $314,000 after buying an additional 8,883 shares in the last quarter. TD Asset Management Inc. raised its holdings in shares of Mitel Networks by 3.3% in the 2nd quarter. TD Asset Management Inc. now owns 345,270 shares of the communications equipment provider’s stock worth $3,777,000 after buying an additional 10,900 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Mitel Networks by 6.5% in the 3rd quarter. Bank of Montreal Can now owns 192,101 shares of the communications equipment provider’s stock worth $2,116,000 after buying an additional 11,692 shares in the last quarter. 80.49% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Peter Charbonneau sold 4,668 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $10.98, for a total transaction of $51,254.64. Following the completion of the sale, the director now directly owns 59,969 shares of the company’s stock, valued at approximately $658,459.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Benjamin Ball sold 21,250 shares of the firm’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $10.97, for a total value of $233,112.50. Following the sale, the director now directly owns 51,125 shares of the company’s stock, valued at $560,841.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,897 shares of company stock valued at $317,063. 5.60% of the stock is currently owned by insiders.

A number of equities analysts have recently issued reports on the company. ValuEngine cut Mitel Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 2nd. BidaskClub cut Mitel Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday. Finally, Zacks Investment Research cut Mitel Networks from a “buy” rating to a “hold” rating in a report on Wednesday, October 17th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $12.38.

Shares of MITL opened at $10.99 on Friday. Mitel Networks Corp has a 1 year low of $7.13 and a 1 year high of $11.31. The company has a quick ratio of 0.77, a current ratio of 0.94 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $1.35 billion, a PE ratio of -27.48 and a beta of 2.00.

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About Mitel Networks

Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.

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

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