SummerHaven Investment Management LLC Takes $872,000 Position in Pitney Bowes Inc. $PBI

SummerHaven Investment Management LLC acquired a new position in Pitney Bowes Inc. (NYSE:PBI) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 76,434 shares of the technology company’s stock, valued at approximately $872,000.

Other hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of Pitney Bowes by 41.3% in the second quarter. EverSource Wealth Advisors LLC now owns 3,472 shares of the technology company’s stock worth $38,000 after buying an additional 1,015 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Pitney Bowes in the 2nd quarter worth approximately $51,000. Canada Pension Plan Investment Board bought a new stake in Pitney Bowes during the second quarter worth approximately $51,000. United Services Automobile Association acquired a new position in Pitney Bowes during the first quarter valued at approximately $96,000. Finally, Truist Financial Corp bought a new position in shares of Pitney Bowes in the second quarter valued at approximately $123,000. 67.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PBI has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pitney Bowes in a report on Monday, December 29th. Truist Financial started coverage on Pitney Bowes in a research report on Friday, December 12th. They set a “hold” rating and a $11.00 price objective for the company. Citigroup started coverage on Pitney Bowes in a report on Wednesday, December 3rd. They issued an “outperform” rating on the stock. Citizens Jmp began coverage on Pitney Bowes in a report on Wednesday, December 3rd. They set a “market outperform” rating and a $13.00 price target for the company. Finally, Zacks Research upgraded shares of Pitney Bowes from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Pitney Bowes currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Pitney Bowes Stock Down 1.2%

Pitney Bowes stock opened at $10.17 on Wednesday. The business has a 50 day moving average price of $10.22 and a two-hundred day moving average price of $10.92. Pitney Bowes Inc. has a 12 month low of $7.39 and a 12 month high of $13.11. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 0.48 and a beta of 1.30.

Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Wednesday, October 29th. The technology company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The firm had revenue of $459.68 million for the quarter, compared to the consensus estimate of $467.45 million. Pitney Bowes had a net margin of 4.14% and a negative return on equity of 38.38%. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 earnings per share. On average, analysts expect that Pitney Bowes Inc. will post 1.21 earnings per share for the current fiscal year.

About Pitney Bowes

Pitney Bowes Inc (NYSE: PBI) is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company’s core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.