Mitel Networks Corporation (MITL) Stake Lowered by Turtle Creek Asset Management Inc.

Turtle Creek Asset Management Inc. lessened its stake in Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) by 18.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 742,447 shares of the communications equipment provider’s stock after selling 166,000 shares during the quarter. Mitel Networks makes up 0.6% of Turtle Creek Asset Management Inc.’s holdings, making the stock its 14th biggest position. Turtle Creek Asset Management Inc. owned about 0.62% of Mitel Networks worth $6,229,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS Group AG raised its stake in Mitel Networks by 3.6% in the 1st quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock valued at $113,000 after acquiring an additional 570 shares during the period. Cullen Capital Management LLC bought a new stake in Mitel Networks in the 2nd quarter valued at $125,000. FDx Advisors Inc. bought a new stake in Mitel Networks in the 3rd quarter valued at $125,000. Quantbot Technologies LP bought a new stake in Mitel Networks in the 2nd quarter valued at $143,000. Finally, Allianz Asset Management GmbH bought a new stake in Mitel Networks in the 3rd quarter valued at $146,000. 80.05% of the stock is owned by institutional investors.

Shares of Mitel Networks Corporation (MITL) opened at $7.44 on Wednesday. Mitel Networks Corporation has a 12 month low of $6.21 and a 12 month high of $9.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.00 and a quick ratio of 0.77.

MITL has been the topic of a number of research analyst reports. Zacks Investment Research cut Mitel Networks from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 9th. TheStreet cut Mitel Networks from a “b” rating to a “c” rating in a research note on Tuesday, November 14th. National Bank Financial increased their price target on Mitel Networks from $10.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, October 23rd. Royal Bank Of Canada restated a “hold” rating and issued a $8.50 price target on shares of Mitel Networks in a research note on Thursday, November 2nd. Finally, BidaskClub cut Mitel Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 12th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Mitel Networks has a consensus rating of “Buy” and a consensus target price of $11.25.

In other Mitel Networks news, major shareholder Associates L.P. Elliott sold 25,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $8.15, for a total transaction of $203,750.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Richard D. Mcbee acquired 10,000 shares of the stock in a transaction on Wednesday, November 8th. The shares were purchased at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 268,047 shares in the company, valued at $2,144,376. The disclosure for this purchase can be found here. Insiders have sold a total of 534,644 shares of company stock worth $4,406,479 in the last quarter. 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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Institutional Ownership by Quarter for Mitel Networks (NASDAQ:MITL)

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