Kornitzer Capital Management Inc. KS Has $3.54 Million Holdings in Pitney Bowes Inc. (NYSE:PBI)

by · The Cerbat Gem

Kornitzer Capital Management Inc. KS cut its holdings in shares of Pitney Bowes Inc. (NYSE:PBI – Free Report) by 18.3% in the third quarter, Holdings Channel reports. The institutional investor owned 495,760 shares of the technology company’s stock after selling 111,312 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Pitney Bowes were worth $3,535,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. nVerses Capital LLC acquired a new position in shares of Pitney Bowes during the second quarter worth approximately $48,000. Point72 DIFC Ltd raised its stake in shares of Pitney Bowes by 218.0% in 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. William Howard & Co Financial Advisors Inc acquired a new position in shares of Pitney Bowes in the first quarter valued at $52,000. SageView Advisory Group LLC acquired a new position in shares of Pitney Bowes in the first quarter valued at $57,000. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Pitney Bowes by 15.6% in 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 institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com lowered Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 21st.

Read Our Latest Analysis on Pitney Bowes

Pitney Bowes Price Performance

Shares of NYSE:PBI opened at $8.05 on Friday. The business’s fifty day moving average price is $7.02 and its two-hundred day moving average price is $6.21. Pitney Bowes Inc. has a fifty-two week low of $3.68 and a fifty-two week high of $8.09. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -5.37, a price-to-earnings-growth ratio of 1.42 and a beta of 1.97.

Pitney Bowes (NYSE:PBI – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.10. Pitney Bowes had a negative return on equity of 5.31% and a negative net margin of 8.05%. The firm had revenue of $793.17 million for the quarter, compared to analysts’ expectations of $771.65 million. During the same period in the prior year, the business posted ($0.02) earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Research analysts expect that Pitney Bowes Inc. will post 0.35 EPS for the current fiscal year.

Pitney Bowes Profile

(Free Report)

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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