Kornitzer Capital Management Inc. KS Sells 99,750 Shares of Pitney Bowes Inc. (NYSE:PBI)

Kornitzer Capital Management Inc. KS lowered its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 20.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 396,010 shares of the technology company's stock after selling 99,750 shares during the period. Kornitzer Capital Management Inc. KS owned 0.22% of Pitney Bowes worth $2,867,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PBI. Hestia Capital Management LLC purchased a new stake in Pitney Bowes in the 4th quarter worth approximately $114,326,000. Assenagon Asset Management S.A. lifted its stake in Pitney Bowes by 47.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company's stock worth $13,139,000 after purchasing an additional 586,249 shares in the last quarter. Algert Global LLC grew its position in Pitney Bowes by 76.9% during the third quarter. Algert Global LLC now owns 344,829 shares of the technology company's stock worth $2,459,000 after buying an additional 149,944 shares in the last quarter. FMR LLC grew its position in Pitney Bowes by 3,308.0% during the third quarter. FMR LLC now owns 320,152 shares of the technology company's stock worth $2,283,000 after buying an additional 310,758 shares in the last quarter. Finally, JPMorgan Chase & Co. grew 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 worth $6,897,000 after buying an additional 624,878 shares in the last quarter. Hedge funds and other institutional investors own 67.88% of the company's stock.

Insider Activity at Pitney Bowes

In other news, EVP Lauren Freemen-Bosworth sold 42,308 shares of the company's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $8.12, for a total value of $343,540.96. Following the completion of the sale, the executive vice president now owns 18,664 shares of the company's stock, valued at approximately $151,551.68. This represents a 69.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kurt James Wolf sold 1,250,000 shares of the company's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $9.66, for a total transaction of $12,075,000.00. Following the completion of the sale, the director now directly owns 622,250 shares of the company's stock, valued at $6,010,935. This trade represents a 66.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,405,593 shares of company stock valued at $13,568,759. Corporate insiders own 14.30% of the company's stock.

Pitney Bowes Stock Performance

PBI traded down $0.36 on Friday, reaching $10.34. The company had a trading volume of 2,418,858 shares, compared to its average volume of 2,559,769. The business has a 50 day simple moving average of $8.16 and a 200 day simple moving average of $7.53. The company has a market cap of $1.88 billion, a price-to-earnings ratio of -9.23, a P/E/G ratio of 0.59 and a beta of 2.01. Pitney Bowes Inc. has a 52-week low of $3.73 and a 52-week high of $10.95.

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.16. Pitney Bowes had a negative net margin of 7.71% and a negative return on equity of 20.95%. As a group, equities research analysts predict that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, February 21st will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 2.32%. Pitney Bowes's payout ratio is -17.86%.

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.