Two Sigma Advisers LP cut its position in Pitney Bowes Inc. (NYSE:PBI) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,194,300 shares of the technology company’s stock after selling 52,957 shares during the period. Two Sigma Advisers LP owned about 0.64% of Pitney Bowes worth $7,058,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in PBI. Essex Savings Bank bought a new stake in Pitney Bowes during the 4th quarter valued at about $47,000. Boston Partners bought a new stake in Pitney Bowes during the 4th quarter valued at about $61,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pitney Bowes by 32.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,077 shares of the technology company’s stock valued at $77,000 after buying an additional 3,170 shares in the last quarter. Neuburgh Advisers LLC bought a new stake in Pitney Bowes during the 4th quarter valued at about $77,000. Finally, Paloma Partners Management Co bought a new stake in Pitney Bowes during the 3rd quarter valued at about $108,000. 71.38% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on PBI shares. Northcoast Research lowered shares of Pitney Bowes from a “buy” rating to a “neutral” rating in a report on Wednesday, February 6th. Zacks Investment Research restated a “sell” rating on shares of Pitney Bowes in a report on Monday, December 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $11.00.
Pitney Bowes (NYSE:PBI) last issued its quarterly earnings data on Tuesday, February 5th. The technology company reported $0.38 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.38. The firm had revenue of $947.10 million for the quarter, compared to the consensus estimate of $932.48 million. Pitney Bowes had a net margin of 6.17% and a return on equity of 100.78%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, equities research analysts forecast that Pitney Bowes Inc. will post 1.13 EPS for the current fiscal year.
Pitney Bowes announced that its board has authorized a stock repurchase program on Tuesday, February 5th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 7.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
About Pitney Bowes
Pitney Bowes Inc offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The company operates in three segments: Commerce Services; Small & Medium Business Solutions; and Software Solutions. The Commerce Services segment provides cross-border e-commerce solutions, domestic retail and e-commerce shipping solutions, fulfillment, and delivery and return services; and mail sortation services that allow clients to qualify large volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts.
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