Connor Clark & Lunn Investment Management Ltd. Has $716,000 Stock Position in Pitney Bowes Inc. $PBI

Key Points

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Connor Clark & Lunn Investment Management Ltd. decreased its position in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 84.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,064 shares of the technology company's stock after selling 440,676 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Pitney Bowes were worth $716,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Trail Ridge Investment Advisors LLC acquired a new position in Pitney Bowes in the 1st quarter valued at approximately $267,000. Bank of America Corp DE raised its holdings in Pitney Bowes by 43.0% in the 4th quarter. Bank of America Corp DE now owns 932,635 shares of the technology company's stock valued at $6,752,000 after acquiring an additional 280,402 shares in the last quarter. American Assets Inc. raised its holdings in Pitney Bowes by 80.6% in the 4th quarter. American Assets Inc. now owns 130,000 shares of the technology company's stock valued at $941,000 after acquiring an additional 58,000 shares in the last quarter. Man Group plc raised its holdings in Pitney Bowes by 76.1% in the 4th quarter. Man Group plc now owns 101,142 shares of the technology company's stock valued at $732,000 after acquiring an additional 43,694 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Pitney Bowes by 1,030.5% in the 1st quarter. GAMMA Investing LLC now owns 30,716 shares of the technology company's stock valued at $278,000 after acquiring an additional 27,999 shares in the last quarter. Institutional investors and hedge funds own 67.88% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on PBI. Sidoti raised Pitney Bowes to a "hold" rating in a report on Monday, May 5th. Wall Street Zen lowered Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 15th.

Insider Buying and Selling

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $12.14, for a total transaction of $424,900.00. Following the sale, the executive vice president directly owned 115,405 shares in the company, valued at $1,401,016.70. This represents a 23.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.00% of the stock is currently owned by company insiders.

Pitney Bowes Trading Down 1.5%

PBI stock opened at $11.11 on Tuesday. Pitney Bowes Inc. has a 1-year low of $6.22 and a 1-year high of $13.11. The firm has a market cap of $1.91 billion, a P/E ratio of -18.51, a P/E/G ratio of 0.58 and a beta of 1.54. The business's 50 day moving average is $11.23 and its 200-day moving average is $10.00.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. Pitney Bowes had a negative return on equity of 38.01% and a negative net margin of 5.60%. The company had revenue of $461.91 million for the quarter, compared to analyst estimates of $475.92 million. During the same period in the prior year, the company posted $0.03 EPS. The company's revenue was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 11th will be given a dividend of $0.08 per share. This is a boost from Pitney Bowes's previous quarterly dividend of $0.07. The ex-dividend date is Monday, August 11th. This represents a $0.32 dividend on an annualized basis and a yield of 2.9%. Pitney Bowes's dividend payout ratio is currently -53.33%.

Pitney Bowes announced that its board has approved a share buyback program on Wednesday, July 30th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 18.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.

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