Pitney Bowes (NYSE:PBI) Shares Gap Up After Earnings Beat

Pitney Bowes Inc. (NYSE:PBI)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.74, but opened at $9.01. Pitney Bowes shares last traded at $9.60, with a volume of 2,709,612 shares changing hands.

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

Insider Activity

In other Pitney Bowes news, EVP Lauren Freemen-Bosworth sold 42,308 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $8.12, for a total value of $343,540.96. Following the completion of the transaction, the executive vice president now directly owns 18,664 shares in the company, valued at approximately $151,551.68. The trade was a 69.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Evans bought 29,000 shares of Pitney Bowes stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $7.80 per share, with a total value of $226,200.00. Following the completion of the acquisition, the director now directly owns 29,000 shares of the company’s stock, valued at $226,200. This represents 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

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased 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 worth $153,217,000 after buying an additional 1,299,716 shares during the period. Hestia Capital Management LLC purchased a new stake in shares of Pitney Bowes in the fourth quarter worth about $114,326,000. Geode Capital Management LLC boosted its stake in shares of Pitney Bowes by 1.4% in 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 during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Pitney Bowes by 47.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company’s stock worth $13,139,000 after buying an additional 586,249 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Pitney Bowes by 182.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock worth $6,897,000 after acquiring an additional 624,878 shares in the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

Pitney Bowes Stock Performance

The stock has a market cap of $1.71 billion, a PE ratio of -4.32, a price-to-earnings-growth ratio of 0.52 and a beta of 2.01. The company has a 50 day moving average of $7.78 and a two-hundred day moving average of $7.33.

Pitney Bowes Company Profile

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.