Russell Investments Group Ltd. Purchases 29,501 Shares of Mitel Networks Corp (NASDAQ:MITL)

Russell Investments Group Ltd. boosted its position in shares of Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) by 10.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 299,364 shares of the communications equipment provider’s stock after purchasing an additional 29,501 shares during the period. Russell Investments Group Ltd. owned about 0.25% of Mitel Networks worth $2,502,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. 1st Global Advisors Inc. lifted its position in shares of Mitel Networks by 1.4% in the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after purchasing an additional 337 shares during the period. FMR LLC increased its stake in Mitel Networks by 2.2% during the 2nd quarter. FMR LLC now owns 202,800 shares of the communications equipment provider’s stock valued at $1,491,000 after purchasing an additional 4,310 shares in the last quarter. State Street Corp increased its stake in Mitel Networks by 5.6% during the 2nd quarter. State Street Corp now owns 127,946 shares of the communications equipment provider’s stock valued at $939,000 after purchasing an additional 6,785 shares in the last quarter. Vanguard Group Inc. increased its stake in Mitel Networks by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 261,817 shares of the communications equipment provider’s stock valued at $1,925,000 after purchasing an additional 9,604 shares in the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Mitel Networks by 79.6% in the third quarter. Toronto Dominion Bank now owns 30,922 shares of the communications equipment provider’s stock worth $259,000 after acquiring an additional 13,708 shares during the period. Institutional investors own 80.05% of the company’s stock.

A number of research firms have recently weighed in on MITL. Zacks Investment Research lowered shares of Mitel Networks from a “hold” rating to a “sell” rating in a research note on Thursday. GARP Research started coverage on shares of Mitel Networks in a report on Tuesday, December 19th. They set a “buy” rating on the stock. Royal Bank of Canada reaffirmed a “hold” rating and set a $8.50 price objective on shares of Mitel Networks in a report on Thursday, November 2nd. National Bank Financial increased their price objective on shares of Mitel Networks from $10.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, October 23rd. Finally, Craig Hallum began coverage on shares of Mitel Networks in a research note on Thursday, December 14th. They issued a “buy” rating and a $14.00 price target on the stock. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $12.17.

In other Mitel Networks news, insider Richard D. Mcbee bought 10,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were acquired at an average cost of $8.00 per share, with a total value of $80,000.00. Following the acquisition, the insider now directly owns 268,047 shares of the company’s stock, valued at approximately $2,144,376. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 5,244 shares of company stock worth $41,773 over the last ninety days. Corporate insiders own 16.50% of the company’s stock.

Mitel Networks Corp (MITL) traded down $0.04 during midday trading on Friday, hitting $8.88. 876,128 shares of the stock traded hands, compared to its average volume of 1,145,400. Mitel Networks Corp has a twelve month low of $6.21 and a twelve month high of $9.13. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $1,330.00, a price-to-earnings ratio of -222.00 and a beta of 2.66.

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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.

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

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