Pitney Bowes (NYSE:PBI) Sets New 12-Month High After Strong Earnings

Pitney Bowes Inc. (NYSE:PBI)’s stock price reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $9.37 and last traded at $8.74, with a volume of 698937 shares traded. The stock had previously closed at $8.82.

The technology company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.16. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%.

Insider Buying and Selling at Pitney Bowes

In other news, EVP Deborah Pfeiffer sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $9.02, for a total value of $315,700.00. Following the transaction, the executive vice president now owns 124,124 shares of the company’s stock, valued at approximately $1,119,598.48. This represents a 22.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Evans purchased 29,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $7.80 per share, with a total value of $226,200.00. Following the completion of the acquisition, the director now owns 29,000 shares in the company, valued at $226,200. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Pitney Bowes

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock valued at $153,217,000 after purchasing an additional 1,299,716 shares during the period. Hestia Capital Management LLC bought a new stake in shares of Pitney Bowes in the fourth quarter valued at approximately $114,326,000. Geode Capital Management LLC grew its position in Pitney Bowes by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,628,672 shares of the technology company’s stock worth $25,878,000 after buying an additional 51,093 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Pitney Bowes by 47.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company’s stock worth $13,139,000 after acquiring an additional 586,249 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Pitney Bowes by 182.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock valued at $6,897,000 after acquiring an additional 624,878 shares in the last quarter. 67.88% of the stock is owned by institutional investors.

Pitney Bowes Stock Performance

The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -4.46, a PEG ratio of 0.52 and a beta of 2.01. The company has a fifty day simple moving average of $7.80 and a two-hundred day simple moving average of $7.35.

About Pitney Bowes

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.