Renaissance Technologies LLC Reduces Position in Pitney Bowes Inc. (PBI)

Renaissance Technologies LLC decreased its stake in Pitney Bowes Inc. (NYSE:PBI) by 21.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,109,175 shares of the technology company’s stock after selling 304,851 shares during the period. Renaissance Technologies LLC owned about 0.59% of Pitney Bowes worth $16,749,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PBI. BlackRock Inc. lifted its stake in Pitney Bowes by 9,828.4% in the 1st quarter. BlackRock Inc. now owns 21,131,601 shares of the technology company’s stock valued at $277,037,000 after purchasing an additional 20,918,761 shares during the last quarter. Prudential Financial Inc. lifted its stake in Pitney Bowes by 344.5% in the 2nd quarter. Prudential Financial Inc. now owns 1,482,000 shares of the technology company’s stock valued at $22,378,000 after purchasing an additional 1,148,594 shares during the last quarter. Freestone Capital Holdings LLC lifted its stake in Pitney Bowes by 2,253.5% in the 2nd quarter. Freestone Capital Holdings LLC now owns 1,045,446 shares of the technology company’s stock valued at $15,785,000 after purchasing an additional 1,001,026 shares during the last quarter. Lapides Asset Management LLC lifted its stake in Pitney Bowes by 95.2% in the 1st quarter. Lapides Asset Management LLC now owns 1,659,700 shares of the technology company’s stock valued at $21,759,000 after purchasing an additional 809,400 shares during the last quarter. Finally, First Quadrant L P CA lifted its stake in Pitney Bowes by 252.1% in the 2nd quarter. First Quadrant L P CA now owns 763,381 shares of the technology company’s stock valued at $11,527,000 after purchasing an additional 546,573 shares during the last quarter. 76.18% of the stock is owned by institutional investors and hedge funds.

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Several equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of Pitney Bowes from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. BidaskClub downgraded shares of Pitney Bowes from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. ValuEngine raised shares of Pitney Bowes from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Sidoti raised shares of Pitney Bowes from a “neutral” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Wednesday, August 2nd. Finally, Loop Capital assumed coverage on shares of Pitney Bowes in a research note on Friday, July 28th. They issued a “hold” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $17.67.

Pitney Bowes Inc. (NYSE:PBI) opened at 13.88 on Friday. Pitney Bowes Inc. has a 52 week low of $12.31 and a 52 week high of $18.20. The company has a market cap of $2.59 billion, a P/E ratio of 27.27 and a beta of 1.21. The company has a 50-day moving average of $13.30 and a 200 day moving average of $14.13.

Pitney Bowes (NYSE:PBI) last released its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). Pitney Bowes had a return on equity of 15,666.66% and a net margin of 3.02%. The company had revenue of $821.40 million during the quarter, compared to analysts’ expectations of $822.90 million. During the same period in the prior year, the firm earned $0.39 EPS. Pitney Bowes’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Pitney Bowes Inc. will post $1.68 EPS for the current fiscal year.

Pitney Bowes Company Profile

Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.

Institutional Ownership by Quarter for Pitney Bowes (NYSE:PBI)

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