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

Hestia Capital Management LLC purchased a new stake in shares of Pitney Bowes Inc. (NYSE:PBI) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,790,922 shares of the technology company’s stock, valued at approximately $114,326,000. Pitney Bowes accounts for approximately 78.7% of Hestia Capital Management LLC’s investment portfolio, making the stock its largest holding. Hestia Capital Management LLC owned approximately 0.09% of Pitney Bowes at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PBI. Quarry LP increased its position in shares of Pitney Bowes by 889.2% during the 3rd quarter. Quarry LP now owns 8,319 shares of the technology company’s stock valued at $59,000 after purchasing an additional 7,478 shares during the period. Truvestments Capital LLC bought a new position in Pitney Bowes during the third quarter valued at about $86,000. AQR Capital Management LLC acquired a new position in Pitney Bowes during the second quarter worth about $97,000. nVerses Capital LLC raised its position in Pitney Bowes by 59.6% in the third quarter. nVerses Capital LLC now owns 15,000 shares of the technology company’s stock worth $107,000 after acquiring an additional 5,600 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in Pitney Bowes by 101.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 16,340 shares of the technology company’s stock valued at $117,000 after acquiring an additional 8,221 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors.

Pitney Bowes Price Performance

PBI stock opened at $8.60 on Friday. Pitney Bowes Inc. has a 12 month low of $3.73 and a 12 month high of $9.29. The firm has a 50 day simple moving average of $7.76 and a 200 day simple moving average of $7.31.

Pitney Bowes (NYSE:PBI) last announced its quarterly earnings data on Friday, November 8th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. The company had revenue of $499.46 million during the quarter, compared to the consensus estimate of $467.80 million. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%. As a group, research analysts expect that Pitney Bowes Inc. will post 0.4 EPS for the current fiscal year.

Insider Transactions at Pitney Bowes

In related news, Director Paul J. Evans purchased 29,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $7.80 per share, with a total value of $226,200.00. Following the purchase, the director now owns 29,000 shares of the company’s stock, valued at $226,200. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lauren Freemen-Bosworth sold 42,308 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $8.12, for a total transaction of $343,540.96. Following the sale, the executive vice president now directly owns 18,664 shares of the company’s stock, valued at $151,551.68. This represents a 69.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.30% of the stock is owned by insiders.

Pitney Bowes 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.