Hestia Capital Management LLC Invests $114.33 Million in Pitney Bowes Inc. (NYSE:PBI)

Hestia Capital Management LLC purchased a new position in Pitney Bowes Inc. (NYSE:PBI - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 15,790,922 shares of the technology company's stock, valued at approximately $114,326,000. Pitney Bowes makes up about 78.7% of Hestia Capital Management LLC's investment portfolio, making the stock its largest holding. Hestia Capital Management LLC owned 8.69% of Pitney Bowes as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. James J. Burns & Company LLC raised its stake in shares of Pitney Bowes by 9.7% during the fourth quarter. James J. Burns & Company LLC now owns 18,587 shares of the technology company's stock valued at $135,000 after acquiring an additional 1,637 shares in the last quarter. First Citizens Bank & Trust Co. boosted its holdings in Pitney Bowes by 10.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 20,677 shares of the technology company's stock valued at $150,000 after purchasing an additional 2,020 shares during the last quarter. Westside Investment Management Inc. boosted its position in Pitney Bowes by 0.5% in the 4th quarter. Westside Investment Management Inc. now owns 625,939 shares of the technology company's stock worth $4,532,000 after purchasing an additional 3,100 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Pitney Bowes by 47.7% during 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 buying an additional 586,249 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Pitney Bowes by 182.4% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 67.88% of the company's stock.

Pitney Bowes Price Performance

Pitney Bowes stock traded up $0.99 during midday trading on Wednesday, reaching $9.73. The company had a trading volume of 9,136,697 shares, compared to its average volume of 2,304,392. The firm's fifty day simple moving average is $7.80 and its 200-day simple moving average is $7.35. The company has a market capitalization of $1.77 billion, a P/E ratio of -4.46, a P/E/G ratio of 0.52 and a beta of 2.01. Pitney Bowes Inc. has a 12-month low of $3.73 and a 12-month high of $9.95.

Pitney Bowes (NYSE:PBI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%. On average, analysts expect that Pitney Bowes Inc. will post 0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the business'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 approximately $1,119,598.48. The trade was a 22.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Evans acquired 29,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the completion of the purchase, the director now owns 29,000 shares in the company, valued at $226,200. The trade was a ∞ increase in their position. The disclosure for this purchase 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.