Connor Clark & Lunn Investment Management Ltd. Has $3.76 Million Position in Pitney Bowes Inc. (NYSE:PBI)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 7.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 519,740 shares of the technology company's stock after buying an additional 37,009 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.29% of Pitney Bowes worth $3,763,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Hestia Capital Management LLC acquired a new stake in Pitney Bowes in the 4th quarter worth about $114,326,000. JPMorgan Chase & Co. raised its stake in Pitney Bowes by 182.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company's stock worth $6,897,000 after purchasing an additional 624,878 shares in the last quarter. Assenagon Asset Management S.A. raised 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. PEAK6 Investments LLC acquired a new stake in Pitney Bowes in the 3rd quarter worth about $3,470,000. Finally, Victory Capital Management Inc. raised its stake in Pitney Bowes by 1,356.4% in the 4th quarter. Victory Capital Management Inc. now owns 474,107 shares of the technology company's stock worth $3,433,000 after purchasing an additional 441,553 shares in the last quarter. Institutional investors and hedge funds own 67.88% of the company's stock.

Pitney Bowes Stock Performance

Shares of Pitney Bowes stock traded down $0.08 during midday trading on Friday, hitting $9.37. 4,150,567 shares of the company traded hands, compared to its average volume of 1,904,881. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -8.36, a PEG ratio of 0.59 and a beta of 2.02. The firm's fifty day moving average price is $9.18 and its 200-day moving average price is $7.95. Pitney Bowes Inc. has a 12 month low of $3.90 and a 12 month high of $11.01.

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Pitney Bowes (NYSE:PBI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Equities research analysts forecast that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.56%. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.05. The ex-dividend date is Friday, February 21st. Pitney Bowes's payout ratio is presently -21.43%.

Insiders Place Their Bets

In other news, EVP James Arthur Fairweather sold 130,000 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $10.83, for a total value of $1,407,900.00. Following the sale, the executive vice president now directly owns 176,145 shares of the company's stock, valued at approximately $1,907,650.35. This represents a 42.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kurt James Wolf sold 481,199 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.77, for a total transaction of $5,182,513.23. Following the completion of the sale, the director now directly owns 584,636 shares in the company, valued at approximately $6,296,529.72. This represents a 45.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,974,484 shares of company stock valued at $19,815,631 in the last ninety days. 14.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Pitney Bowes from a "buy" rating to a "strong-buy" rating in a research report on Monday, March 3rd.

Pitney Bowes Company Profile

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.