Kornitzer Capital Management Inc. KS Sells 111,312 Shares of Pitney Bowes Inc. (NYSE:PBI)

Kornitzer Capital Management Inc. KS decreased its holdings in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 18.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 495,760 shares of the technology company's stock after selling 111,312 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.28% of Pitney Bowes worth $3,535,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. nVerses Capital LLC purchased a new position in shares of Pitney Bowes in the 2nd quarter worth $48,000. William Howard & Co Financial Advisors Inc purchased a new position in shares of Pitney Bowes in the 1st quarter worth $52,000. SageView Advisory Group LLC purchased a new position in shares of Pitney Bowes in the 1st quarter worth $57,000. Point72 DIFC Ltd lifted its position in Pitney Bowes by 218.0% during the second quarter. Point72 DIFC Ltd now owns 11,405 shares of the technology company's stock valued at $58,000 after purchasing an additional 7,819 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Pitney Bowes by 15.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 15,189 shares of the technology company's stock valued at $77,000 after purchasing an additional 2,054 shares in the last quarter. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Pitney Bowes Trading Down 5.8 %

NYSE PBI traded down $0.47 on Friday, hitting $7.58. 4,480,055 shares of the company traded hands, compared to its average volume of 1,748,441. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -3.49, a P/E/G ratio of 1.42 and a beta of 1.97. The business's 50 day moving average price is $7.02 and its 200-day moving average price is $6.21. Pitney Bowes Inc. has a 52-week low of $3.68 and a 52-week high of $8.80.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its earnings results on Thursday, August 8th. The technology company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.10. The company had revenue of $793.17 million for the quarter, compared to the consensus estimate of $771.65 million. Pitney Bowes had a negative return on equity of 5.31% and a negative net margin of 8.05%. Pitney Bowes's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) earnings per share. As a group, sell-side analysts predict that Pitney Bowes Inc. will post 0.35 earnings per share for the current year.

Pitney Bowes Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, November 18th. This represents a $0.20 dividend on an annualized basis and a yield of 2.64%. Pitney Bowes's dividend payout ratio is presently -9.17%.

Analyst Upgrades and Downgrades

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

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.