NWQ Investment Management Company LLC lowered its position in shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 17.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,813,417 shares of the communications equipment provider’s stock after selling 2,351,848 shares during the quarter. Mitel Networks comprises 1.2% of NWQ Investment Management Company LLC’s holdings, making the stock its 18th biggest position. NWQ Investment Management Company LLC owned 9.01% of Mitel Networks worth $88,994,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its stake in Mitel Networks by 295.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,744 shares of the communications equipment provider’s stock valued at $105,000 after purchasing an additional 9,519 shares in the last quarter. FDx Advisors Inc. acquired a new position in Mitel Networks in the third quarter valued at about $125,000. Allianz Asset Management GmbH acquired a new position in Mitel Networks in the third quarter valued at about $146,000. Highstreet Asset Management Inc. acquired a new position in Mitel Networks in the fourth quarter valued at about $151,000. Finally, Wells Fargo & Company MN raised its stake in Mitel Networks by 90.0% in the fourth quarter. Wells Fargo & Company MN now owns 18,426 shares of the communications equipment provider’s stock valued at $152,000 after purchasing an additional 8,729 shares in the last quarter. 80.75% of the stock is owned by institutional investors.
Mitel Networks Corp (NASDAQ MITL) opened at $8.59 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.77. Mitel Networks Corp has a 52 week low of $6.21 and a 52 week high of $9.39.
Mitel Networks declared that its Board of Directors has approved a stock buyback program on Wednesday, March 7th that allows the company to buyback 61,000,000 shares. This buyback authorization allows the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
MITL has been the subject of a number of analyst reports. Zacks Investment Research raised Mitel Networks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 5th. GARP Research initiated coverage on Mitel Networks in a research note on Tuesday, December 19th. They issued a “buy” rating for the company. BidaskClub downgraded Mitel Networks from a “hold” rating to a “sell” rating in a research note on Friday, March 2nd. Craig Hallum initiated coverage on Mitel Networks in a research note on Thursday, December 14th. They issued a “buy” rating and a $14.00 price target for the company. Finally, TheStreet downgraded Mitel Networks from a “b” rating to a “c” rating in a research note on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $12.50.
In other Mitel Networks news, insider Graham Bevington sold 8,605 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $8.01, for a total transaction of $68,926.05. Following the completion of the transaction, the insider now owns 29,692 shares of the company’s stock, valued at $237,832.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Steven Edward Spooner sold 26,762 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $8.01, for a total value of $214,363.62. Following the transaction, the chief financial officer now directly owns 218,516 shares of the company’s stock, valued at approximately $1,750,313.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,056,525 shares of company stock valued at $8,602,948. Insiders own 16.50% of the company’s stock.
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Mitel Networks Company 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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