Millennium Management LLC Acquires 644,002 Shares of Pitney Bowes Inc. (NYSE:PBI)

Millennium Management LLC grew its holdings in Pitney Bowes Inc. (NYSE:PBI) by 103.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,269,207 shares of the technology company’s stock after acquiring an additional 644,002 shares during the quarter. Millennium Management LLC owned 0.70% of Pitney Bowes worth $9,189,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Pitney Bowes by 4.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,275 shares of the technology company’s stock valued at $668,000 after purchasing an additional 3,904 shares during the last quarter. Gotham Asset Management LLC increased its holdings in shares of Pitney Bowes by 261.9% during the 4th quarter. Gotham Asset Management LLC now owns 90,300 shares of the technology company’s stock worth $654,000 after purchasing an additional 65,347 shares during the period. Graham Capital Management L.P. raised its position in shares of Pitney Bowes by 16.2% during the fourth quarter. Graham Capital Management L.P. now owns 77,490 shares of the technology company’s stock valued at $561,000 after buying an additional 10,813 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Pitney Bowes by 46.1% in the fourth quarter. Deutsche Bank AG now owns 143,405 shares of the technology company’s stock valued at $1,038,000 after buying an additional 45,234 shares during the period. Finally, Corton Capital Inc. grew its position in Pitney Bowes by 16.9% during the fourth quarter. Corton Capital Inc. now owns 30,456 shares of the technology company’s stock worth $221,000 after buying an additional 4,407 shares in the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

Analyst Ratings Changes

PBI has been the topic of several research reports. Sidoti upgraded Pitney Bowes to a “hold” rating in a research note on Monday, May 5th. Wall Street Zen lowered Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 15th.

Insider Activity at Pitney Bowes

In other Pitney Bowes news, Director Kurt James Wolf sold 481,199 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.77, for a total transaction of $5,182,513.23. Following the sale, the director now directly owns 584,636 shares of the company’s stock, valued at approximately $6,296,529.72. This represents a 45.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James Arthur Fairweather sold 130,000 shares of Pitney Bowes stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $10.83, for a total transaction of $1,407,900.00. Following the completion of the transaction, 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 a total of 613,244 shares of company stock valued at $6,607,591 in the last 90 days. 9.00% of the stock is owned by corporate insiders.

Pitney Bowes Stock Performance

NYSE:PBI opened at $10.03 on Monday. The company has a 50-day moving average of $8.84 and a 200-day moving average of $8.56. Pitney Bowes Inc. has a 52 week low of $4.62 and a 52 week high of $11.01. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -8.95, a PEG ratio of 0.59 and a beta of 1.47.

Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.05. The firm had revenue of $493.42 million during the quarter, compared to analyst estimates of $498.99 million. Pitney Bowes had a negative net margin of 7.71% and a negative return on equity of 20.95%. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.01) earnings per share. Sell-side analysts forecast that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Monday, May 19th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Monday, May 19th. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.06. Pitney Bowes’s dividend payout ratio (DPR) is -30.77%.

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.