Pacific Grove Capital LP Takes Position in Mitel Networks Corporation (MITL)

Pacific Grove Capital LP purchased a new stake in shares of Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW) during the first quarter, Holdings Channel reports. The firm purchased 342,280 shares of the communications equipment provider’s stock, valued at approximately $2,372,000. Pacific Grove Capital LP owned approximately 0.28% of Mitel Networks Corporation at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Francisco Partners Management LP purchased a new stake in shares of Mitel Networks Corporation during the fourth quarter valued at about $43,706,000. Investment Counselors of Maryland LLC purchased a new stake in shares of Mitel Networks Corporation during the first quarter valued at about $18,587,000. NWQ Investment Management Company LLC raised its stake in shares of Mitel Networks Corporation by 11.5% in the fourth quarter. NWQ Investment Management Company LLC now owns 15,606,019 shares of the communications equipment provider’s stock valued at $106,121,000 after buying an additional 1,604,031 shares in the last quarter. Ionic Capital Management LLC purchased a new stake in shares of Mitel Networks Corporation during the first quarter valued at about $7,128,000. Finally, Kestrel Investment Management Corp purchased a new stake in shares of Mitel Networks Corporation during the first quarter valued at about $5,226,000. Institutional investors and hedge funds own 78.93% of the company’s stock.

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

Mitel Networks Corporation (MITL) traded down 1.34% during midday trading on Friday, reaching $7.38. The company had a trading volume of 765,715 shares. The company’s 50-day moving average is $6.94 and its 200 day moving average is $6.96. The company’s market cap is $905.74 million. Mitel Networks Corporation has a 52-week low of $5.81 and a 52-week high of $8.52.

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Several equities research analysts have recently issued reports on MITL shares. National Bank Financial lowered Mitel Networks Corporation from an “outperform” rating to a “sector perform” rating in a report on Thursday, May 4th. Royal Bank of Canada restated a “hold” rating and issued a $7.50 target price on shares of Mitel Networks Corporation in a report on Tuesday, May 2nd.

In related news, insider Gregory James Hiscock sold 3,750 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $7.34, for a total transaction of $27,525.00. Following the completion of the transaction, the insider now directly owns 12,313 shares of the company’s stock, valued at $90,377.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Terence H. Matthews sold 971,900 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $7.08, for a total value of $6,881,052.00. Following the transaction, the chairman now directly owns 40,703 shares of the company’s stock, valued at $288,177.24. The disclosure for this sale can be found here. Insiders have sold 979,356 shares of company stock valued at $6,933,262 over the last three months. Insiders own 16.50% of the company’s stock.

Mitel Networks Corporation 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.

Want to see what other hedge funds are holding MITL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mitel Networks Corporation (NASDAQ:MITL) (TSE:MNW).

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