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.
Consequently, specific money managers were leading the bulls’ herd. Waratah Capital Advisors assembled the most outsized position in Mitel Networks Corp (NASDAQ:MITL). Waratah Capital Advisors had $4.7 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $1.7 million investment in the stock during the quarter. The following funds were also among the new MITL investors: Ken Griffin’s Citadel Investment Group, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Matthew Tewksbury’s Stevens Capital Management.
Let’s also examine hedge fund activity in other stocks similar to Mitel Networks Corp (NASDAQ:MITL). We will take a look at Universal Health Realty Income Trust (NYSE:UHT), Green Plains Renewable Energy Inc. (NASDAQ:GPRE), Hanmi Financial Corp (NASDAQ:HAFC), and PharMerica Corporation (NYSE:PMC). This group of stocks’ market values match MITL’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| UHT | 5 | 20523 | 0 |
| GPRE | 22 | 277446 | 4 |
| HAFC | 8 | 48653 | 1 |
| PMC | 14 | 65037 | -2 |
As you can see these stocks had an average of 12.25 hedge funds with bullish positions and the average amount invested in these stocks was $103 million. That figure was $124 million in MITL’s case. Green Plains Renewable Energy Inc. (NASDAQ:GPRE) is the most popular stock in this table. On the other hand Universal Health Realty Income Trust (NYSE:UHT) is the least popular one with only 5 bullish hedge fund positions. Mitel Networks Corp (NASDAQ:MITL) is not the most popular stock in this group but hedge fund interest is still above average. This is a positive signal, as we’d rather spend our time researching stocks that hedge funds are piling on. In this regard both MITL and GPRE might be good candidates to consider a long position in.
Disclosure: None
