Mitel Networks Corp (MITL): 73% Surge in Hedge Fund Ownership

A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Mitel Networks Corp (NASDAQ:MITL).

Mitel Networks Corp (NASDAQ:MITL) was in 19 hedge funds’ portfolios at the end of September. MITL investors should pay attention to an increase in support from the world’s most elite money managers recently. There were 11 hedge funds in our database with MITL positions at the end of the previous quarter. At the end of this article we will also compare MITL to other stocks including Universal Health Realty Income Trust (NYSE:UHT), Green Plains Renewable Energy Inc. (NASDAQ:GPRE), and Hanmi Financial Corp (NASDAQ:HAFC) to get a better sense of its popularity.

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Hedge fund activity in Mitel Networks Corp (NASDAQ:MITL)

At the end of the third quarter, a total of 19 of the hedge funds tracked by Insider Monkey held long positions in this stock, a 73% surge from the second quarter of 2016. Hedge fund ownership of MITL has now jumped by over 200% in the last 2 quarters. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Elliott Management, managed by Paul Singer, holds the biggest position in Mitel Networks Corp (NASDAQ:MITL). Elliott Management has a $90.1 million position in the stock. Sitting at the No. 2 spot is Jim Simons of Renaissance Technologies, with a $9 million position. Some other members of the smart money that are bullish consist of Israel Englander’s Millennium Management, D E Shaw, and Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors.