Shares of Pitney Bowes Inc. (NYSE:PBI) were up 8.1% during mid-day trading on Friday following insider buying activity. The stock traded as high as $5.78 and last traded at $5.72. Approximately 6,247,204 shares traded hands during mid-day trading, an increase of 64% from the average daily volume of 3,813,684 shares. The stock had previously closed at $5.29.
Specifically, VP Stanley J. Sutula III bought 5,000 shares of Pitney Bowes stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average price of $5.34 per share, with a total value of $26,700.00. Following the acquisition, the vice president now owns 15,000 shares of the company’s stock, valued at approximately $80,100. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.20% of the company’s stock.
PBI has been the subject of several research analyst reports. Maxim Group reaffirmed a “buy” rating and set a $11.00 target price on shares of Pitney Bowes in a report on Wednesday, April 24th. Zacks Investment Research raised shares of Pitney Bowes from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. ValuEngine raised shares of Pitney Bowes from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Northcoast Research downgraded shares of Pitney Bowes from a “buy” rating to a “neutral” rating in a report on Wednesday, February 6th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Pitney Bowes currently has an average rating of “Hold” and an average price target of $10.50.
The firm has a market capitalization of $1.32 billion, a P/E ratio of 4.93 and a beta of 1.47. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 12.82.
Pitney Bowes (NYSE:PBI) last announced its earnings results on Wednesday, May 1st. The technology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.09). The company had revenue of $868.40 million for the quarter, compared to the consensus estimate of $866.04 million. Pitney Bowes had a return on equity of 100.78% and a net margin of 6.17%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 EPS. Equities analysts predict that Pitney Bowes Inc. will post 1.13 earnings per share for the current year.
Pitney Bowes announced that its Board of Directors has approved a stock repurchase program on Tuesday, February 5th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Essex Savings Bank bought a new stake in Pitney Bowes in the 4th quarter valued at about $47,000. Levin Capital Strategies L.P. boosted its holdings in Pitney Bowes by 61.0% in the 4th quarter. Levin Capital Strategies L.P. now owns 708,379 shares of the technology company’s stock valued at $4,187,000 after purchasing an additional 268,504 shares during the period. Morgan Stanley boosted its holdings in Pitney Bowes by 18.2% in the 3rd quarter. Morgan Stanley now owns 1,370,690 shares of the technology company’s stock valued at $9,705,000 after purchasing an additional 211,019 shares during the period. SMH Capital Advisors Inc. bought a new stake in Pitney Bowes in the 4th quarter valued at about $188,000. Finally, Oregon Public Employees Retirement Fund boosted its holdings in Pitney Bowes by 509.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 444,710 shares of the technology company’s stock valued at $75,000 after purchasing an additional 371,705 shares during the period. 71.64% of the stock is owned by hedge funds and other institutional investors.
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About Pitney Bowes (NYSE:PBI)
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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