Cumberland Partners Ltd Lowers stake in Mitel Networks Corp (MITL)

Mitel Networks Corp (MITL) : Cumberland Partners Ltd reduced its stake in Mitel Networks Corp by 45.97% during the most recent quarter end. The investment management company now holds a total of 2,012,730 shares of Mitel Networks Corp which is valued at $14,773,438 after selling 1,712,790 shares in Mitel Networks Corp , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Mitel Networks Corp makes up approximately 2.02% of Cumberland Partners Ltd’s portfolio.

Other Hedge Funds, Including , Strs Ohio sold out all of its stake in MITL during the most recent quarter. The investment firm sold 21,969 shares of MITL which is valued $161,252. Dorchester Wealth Management Co added MITL to its portfolio by purchasing 30,000 company shares during the most recent quarter which is valued at $214,800. Mitel Networks Corp makes up approx 0.08% of Dorchester Wealth Management Co’s portfolio.Cibc World Markets boosted its stake in MITL in the latest quarter, The investment management firm added 2,077 additional shares and now holds a total of 39,310 shares of Mitel Networks Corp which is valued at $281,460.Bnp Paribas Arbitrage Sa boosted its stake in MITL in the latest quarter, The investment management firm added 12 additional shares and now holds a total of 1,046 shares of Mitel Networks Corp which is valued at $7,542.

Mitel Networks Corp opened for trading at $7.27 and hit $7.375 on the upside on Friday, eventually ending the session at $7.33, with a gain of 1.24% or 0.09 points. The heightened volatility saw the trading volume jump to 4,17,168 shares. Company has a market cap of $889 M.

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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