Francisco Partners Management Lp Lowers stake in Mitel Networks Corp (MITL)

Mitel Networks Corp (MITL) : Francisco Partners Management Lp reduced its stake in Mitel Networks Corp by 8.34% during the most recent quarter end. The investment management company now holds a total of 8,033,940 shares of Mitel Networks Corp which is valued at $49.8 Million after selling 731,345 shares in Mitel Networks Corp , the firm said in a disclosure report filed with the SEC on May 13, 2016.Mitel Networks Corp makes up approximately 19.11% of Francisco Partners Management Lp’s portfolio.

Other Hedge Funds, Including , Connor Clark Lunn Investment Management Ltd. added MITL to its portfolio by purchasing 1,466,228 company shares during the most recent quarter which is valued at $9.1 Million. Mitel Networks Corp makes up approx 0.07% of Connor Clark Lunn Investment Management Ltd.’s portfolio.1832 Asset Management boosted its stake in MITL in the latest quarter, The investment management firm added 875,157 additional shares and now holds a total of 2,632,457 shares of Mitel Networks Corp which is valued at $16.3 Million. Mitel Networks Corp makes up approx 0.06% of 1832 Asset Management’s portfolio.Guardian Capital Lp boosted its stake in MITL in the latest quarter, The investment management firm added 615,194 additional shares and now holds a total of 6,153,162 shares of Mitel Networks Corp which is valued at $38.1 Million. Mitel Networks Corp makes up approx 0.64% of Guardian Capital Lp’s portfolio.Teacher Retirement System Of Texas boosted its stake in MITL in the latest quarter, The investment management firm added 3,181 additional shares and now holds a total of 11,820 shares of Mitel Networks Corp which is valued at $73,284.Cumberland Partners Ltd reduced its stake in MITL by selling 849,325 shares or 18.57% in the most recent quarter. The Hedge Fund company now holds 3,725,520 shares of MITL which is valued at $23.1 Million. Mitel Networks Corp makes up approx 3.27% of Cumberland Partners Ltd’s portfolio.

Mitel Networks Corp closed down -0.06 points or -0.89% at $6.65 with 10,85,098 shares getting traded on Wednesday. Post opening the session at $6.7, the shares hit an intraday low of $6.6 and an intraday high of $6.8 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Mitel Networks Corp reported $0.06 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $0.07. The company had revenue of $276.10 million for the quarter, compared to analysts expectations of $280.28 million. The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS.

Mitel Networks Corporation (Mitel) is a global provider of business communications and collaboration software services and solutions. The Company operates in two segments: Premise and Cloud. The Premise 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. Mitel offers portfolios of business communications solutions which are known as unified communications and collaboration (UCC). It also offers cloud-based telephony services and network services in the United States and in select markets across the globe. It operates in three geographic markets: Americas which includes the United States Canada the Caribbean and Latin America; EMEA which includes the continent of Europe the Middle East and Africa and Asia Pacific which includes the continent of Asia and the Pacific region including Australia and New Zealand.

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