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

Contrarian Capital Management L.L.C. lessened its stake in shares of Pitney Bowes Inc. (NYSE:PBI) by 2.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 203,000 shares of the technology company’s stock after selling 6,000 shares during the period. Pitney Bowes comprises 0.5% of Contrarian Capital Management L.L.C.’s investment portfolio, making the stock its 22nd largest holding. Contrarian Capital Management L.L.C. owned about 0.11% of Pitney Bowes worth $1,470,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Hestia Capital Management LLC acquired a new stake in shares of Pitney Bowes during the 4th quarter valued at $114,326,000. Vanguard Group Inc. boosted 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 valued at $153,217,000 after purchasing an additional 1,299,716 shares during the last quarter. JPMorgan Chase & Co. boosted its position 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 during the last quarter. Assenagon Asset Management S.A. grew its stake in Pitney Bowes by 47.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company’s stock valued at $13,139,000 after purchasing an additional 586,249 shares in the last quarter. Finally, PEAK6 LLC acquired a new position in Pitney Bowes in the 4th quarter worth about $3,547,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Pitney Bowes Trading Down 1.2 %

Pitney Bowes stock opened at $8.00 on Friday. The company has a market capitalization of $1.46 billion, a P/E ratio of -7.14, a P/E/G ratio of 0.59 and a beta of 1.89. Pitney Bowes Inc. has a 1-year low of $3.94 and a 1-year high of $11.01. The firm’s fifty day simple moving average is $9.39 and its 200-day simple moving average is $8.21.

Pitney Bowes (NYSE:PBI) last posted its earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 20.95% and a negative net margin of 7.71%. On average, equities research 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 announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, February 21st were given a dividend of $0.06 per share. The ex-dividend date was Friday, February 21st. This represents a $0.24 dividend on an annualized basis and a yield of 3.00%. This is a boost from Pitney Bowes’s previous quarterly dividend of $0.05. Pitney Bowes’s dividend payout ratio is presently -21.43%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Pitney Bowes

In related news, Director Kurt James Wolf sold 1,250,000 shares of Pitney Bowes stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $9.66, for a total value of $12,075,000.00. Following the transaction, the director now owns 622,250 shares in the company, valued at $6,010,935. This trade represents a 66.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Deborah Pfeiffer sold 35,000 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $9.02, for a total transaction of $315,700.00. Following the sale, the executive vice president now owns 124,124 shares of the company’s stock, valued at $1,119,598.48. This trade represents a 22.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,974,484 shares of company stock worth $19,815,631 over the last 90 days. Insiders own 9.00% of the company’s stock.

Pitney Bowes Company 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.