Contrarian Capital Management L.L.C. Has $1.47 Million Stock Position in Pitney Bowes Inc. (NYSE:PBI)

Contrarian Capital Management L.L.C. reduced its stake in shares of Pitney Bowes Inc. (NYSE:PBI) by 2.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 203,000 shares of the technology company’s stock after selling 6,000 shares during the quarter. Pitney Bowes makes up 0.5% of Contrarian Capital Management L.L.C.’s holdings, making the stock its 22nd largest holding. Contrarian Capital Management L.L.C.’s holdings in Pitney Bowes were worth $1,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Hestia Capital Management LLC bought a new position in shares of Pitney Bowes during the 4th quarter worth about $114,326,000. Vanguard Group Inc. grew its position in Pitney Bowes by 6.5% during the fourth 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 in the last quarter. JPMorgan Chase & Co. increased its stake in Pitney Bowes by 182.4% during the third 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 during the period. Assenagon Asset Management S.A. raised its holdings in Pitney Bowes by 47.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company’s stock valued at $13,139,000 after acquiring an additional 586,249 shares in the last quarter. Finally, PEAK6 LLC bought a new stake in shares of Pitney Bowes in the 4th quarter worth approximately $3,547,000. 67.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Pitney Bowes

In other news, EVP Deborah Pfeiffer sold 35,000 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $9.02, for a total value of $315,700.00. Following the sale, the executive vice president now owns 124,124 shares in the company, valued at approximately $1,119,598.48. The trade was a 22.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James Arthur Fairweather sold 130,000 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $10.83, for a total transaction of $1,407,900.00. Following the sale, the executive vice president now owns 176,145 shares of the company’s stock, valued at $1,907,650.35. This trade represents a 42.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,974,484 shares of company stock worth $19,815,631 over the last three months. Company insiders own 9.00% of the company’s stock.

Pitney Bowes Stock Performance

Shares of PBI stock opened at $8.00 on Friday. The firm has a fifty day moving average of $9.39 and a 200-day moving average of $8.21. Pitney Bowes Inc. has a 52-week low of $3.94 and a 52-week high of $11.01. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -7.14, a P/E/G ratio of 0.59 and a beta of 1.89.

Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative net margin of 7.71% and a negative return on equity of 20.95%. On average, sell-side analysts predict that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, February 21st were paid a $0.06 dividend. This is a positive change from Pitney Bowes’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, February 21st. This represents a $0.24 annualized dividend and a yield of 3.00%. Pitney Bowes’s payout ratio is currently -21.43%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 31st.

Pitney Bowes 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.