Connor Clark & Lunn Investment Management Ltd. Makes New $3.44 Million Investment in Pitney Bowes Inc. (NYSE:PBI)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Pitney Bowes Inc. (NYSE:PBI - Free Report) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 482,731 shares of the technology company's stock, valued at approximately $3,442,000. Connor Clark & Lunn Investment Management Ltd. owned 0.27% of Pitney Bowes at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Tidal Investments LLC bought a new position in Pitney Bowes in the 1st quarter worth about $764,000. Assenagon Asset Management S.A. bought a new position in shares of Pitney Bowes during the second quarter valued at $208,000. Quadrature Capital Ltd raised its stake in shares of Pitney Bowes by 21.6% in the first quarter. Quadrature Capital Ltd now owns 66,247 shares of the technology company's stock worth $287,000 after purchasing an additional 11,753 shares during the last quarter. American Assets Inc. bought a new position in Pitney Bowes during the third quarter valued at approximately $513,000. Finally, Marshall Wace LLP increased its position in shares of Pitney Bowes by 248.1% during the 2nd quarter. Marshall Wace LLP now owns 706,302 shares of the technology company's stock valued at $3,588,000 after purchasing an additional 503,378 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Wednesday, August 21st.

Insiders Place Their Bets

In other news, Director Paul J. Evans purchased 29,000 shares of Pitney Bowes stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the completion of the transaction, the director now directly owns 29,000 shares in the company, valued at approximately $226,200. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 14.30% of the company's stock.

Pitney Bowes Stock Performance

PBI stock traded up $0.10 during trading on Monday, hitting $8.16. The stock had a trading volume of 2,117,605 shares, compared to its average volume of 1,759,708. Pitney Bowes Inc. has a 1-year low of $3.68 and a 1-year high of $8.80. The company's 50 day moving average price is $7.21 and its two-hundred day moving average price is $6.47. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -3.74, a price-to-earnings-growth ratio of 1.41 and a beta of 1.97.

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.13 by $0.08. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%. The business had revenue of $499.46 million for the quarter, compared to analysts' expectations of $467.80 million. As a group, sell-side analysts forecast that Pitney Bowes Inc. will post 0.38 earnings per share for the current fiscal year.

Pitney Bowes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $0.05 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.45%. Pitney Bowes's payout ratio is currently -9.17%.

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.