Hestia Capital Management LLC Purchases New Stake in Pitney Bowes Inc. (NYSE:PBI)

Hestia Capital Management LLC purchased a new stake in Pitney Bowes Inc. (NYSE:PBI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,790,922 shares of the technology company’s stock, valued at approximately $114,326,000. Pitney Bowes accounts for about 78.7% of Hestia Capital Management LLC’s holdings, making the stock its largest holding. Hestia Capital Management LLC owned approximately 8.69% of Pitney Bowes at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PBI. Quarry LP raised its stake in shares of Pitney Bowes by 889.2% during the third quarter. Quarry LP now owns 8,319 shares of the technology company’s stock valued at $59,000 after purchasing an additional 7,478 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Pitney Bowes during the third quarter valued at approximately $86,000. nVerses Capital LLC raised its stake in shares of Pitney Bowes by 59.6% during the third quarter. nVerses Capital LLC now owns 15,000 shares of the technology company’s stock valued at $107,000 after purchasing an additional 5,600 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Pitney Bowes by 101.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 16,340 shares of the technology company’s stock worth $117,000 after buying an additional 8,221 shares during the last quarter. Finally, James J. Burns & Company LLC bought a new stake in shares of Pitney Bowes in the third quarter worth $121,000. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Pitney Bowes Stock Performance

Shares of NYSE:PBI opened at $8.60 on Friday. The company has a fifty day simple moving average of $7.76 and a 200 day simple moving average of $7.31. Pitney Bowes Inc. has a 12-month low of $3.73 and a 12-month high of $9.29.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Friday, November 8th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08. The business had revenue of $499.46 million during the quarter, compared to analyst estimates of $467.80 million. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%. As a group, analysts expect that Pitney Bowes Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pitney Bowes news, Director Paul J. Evans acquired 29,000 shares of the firm’s 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 in the company, valued at $226,200. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Deborah Pfeiffer sold 35,000 shares of Pitney Bowes stock in a transaction on Monday, January 27th. The stock was sold at an average price of $9.02, for a total transaction of $315,700.00. Following the completion of the transaction, the executive vice president now directly owns 124,124 shares of the company’s stock, valued at approximately $1,119,598.48. This represents a 22.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 14.30% of the company’s stock.

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.