Turtle Creek Asset Management buys $29.1 Million stake in Mitel Networks Corp (MITL)

Mitel Networks Corp (MITL) : Turtle Creek Asset Management scooped up 385,700 additional shares in Mitel Networks Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 4,697,427 shares of Mitel Networks Corp which is valued at $29.1 Million.Mitel Networks Corp makes up approximately 15.97% of Turtle Creek Asset Management’s portfolio.

Other Hedge Funds, Including , Nwq Investment Management Company boosted its stake in MITL in the latest quarter, The investment management firm added 540,055 additional shares and now holds a total of 12,723,384 shares of Mitel Networks Corp which is valued at $78.9 Million. Mitel Networks Corp makes up approx 1.25% of Nwq Investment Management Company’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. Waratah Capital Advisors Ltd. sold out all of its stake in MITL during the most recent quarter. The investment firm sold 79,341 shares of MITL which is valued $522,064. Monarch Partners Asset Management sold out all of its stake in MITL during the most recent quarter. The investment firm sold 13,030 shares of MITL which is valued $85,737. Whittier Trust Co added MITL to its portfolio by purchasing 314 company shares during the most recent quarter which is valued at $2,192.

Mitel Networks Corp (MITL) witnessed a volatile trading activity on Friday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $6.12 and reached the intraday high at $6.24. The bulls started the profit booking and pushed the shares to intraday low of $6.09. The trading session was marked by a volume range of 8,58,999 shares exchanging hands. The 52-week high of the shares is $9.61 and the 52-week low is $5.91. The market cap of the company stands at $739,662 M and there are 1,21,25,60,00,000 shares in public circulation.

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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