Pitney Bowes (NYSE:PBI) Shares Gap Up After Better-Than-Expected Earnings

Pitney Bowes Inc. (NYSE:PBI)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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.

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 13.02% and a negative return on equity of 12.85%.

Insider Activity at Pitney Bowes

In related news, EVP Lauren Freemen-Bosworth sold 42,308 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $8.12, for a total transaction of $343,540.96. Following the completion of the transaction, the executive vice president now directly owns 18,664 shares of the company’s stock, valued at approximately $151,551.68. This trade represents a 69.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Deborah Pfeiffer sold 35,000 shares of Pitney Bowes stock in a transaction on Monday, January 27th. The shares were sold at an average price of $9.02, for a total transaction of $315,700.00. Following the completion of the sale, the executive vice president now owns 124,124 shares in the company, valued at approximately $1,119,598.48. This represents a 22.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Hestia Capital Management LLC bought a new position in Pitney Bowes during the fourth quarter valued at approximately $114,326,000. Vanguard Group Inc. grew its holdings in shares of Pitney Bowes by 6.5% in the fourth 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 in the last quarter. Assenagon Asset Management S.A. increased its position in Pitney Bowes by 2,894.2% in the third quarter. Assenagon Asset Management S.A. now owns 1,228,562 shares of the technology company’s stock worth $8,760,000 after purchasing an additional 1,187,531 shares during the last quarter. JPMorgan Chase & Co. raised 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 purchasing an additional 624,878 shares in the last quarter. Finally, PEAK6 Investments LLC purchased a new stake in Pitney Bowes during the third quarter valued at $3,470,000. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Pitney Bowes Price Performance

The firm has a market cap of $1.77 billion, a P/E ratio of -4.46, a price-to-earnings-growth ratio of 0.52 and a beta of 2.01. The company’s 50-day simple moving average is $7.80 and its 200 day simple moving average is $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.