Zacks Investment Research upgraded shares of Pitney Bowes (NYSE:PBI) from a strong sell rating to a hold rating in a research note published on Monday.
According to Zacks, “In the past year, Pitney Bowes’ shares have witnessed a steep negative return, in stark contrast to the industry’s average gain. The company has also had a dismal earnings history, having missed estimates thrice in the trailing four quarters. Its recent results have been hurt due to a steep rise in expenses and cost of investment in new business areas. Based on escalating restructuring charges, the company trimmed the earnings guidance for 2017. On the positive side, a thriving global ecommerce business and new product launches are expected to offset some of these challenges, bolstering the top line. Impressive performance in all cross-border geographies and growth in domestic shipping are acting as tailwinds for the company’s global e-commerce business. The recent Newgistics acquisition will enable further expansion into the U.S. domestic market while complementing the company’s Presort and cross-border business.”
PBI has been the subject of a number of other research reports. ValuEngine cut Pitney Bowes from a buy rating to a hold rating in a research report on Sunday, December 31st. Loop Capital dropped their price objective on Pitney Bowes from $14.00 to $12.00 and set a hold rating for the company in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $14.50.
Pitney Bowes (NYSE:PBI) last posted its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.10). The company had revenue of $842.82 million for the quarter, compared to analysts’ expectations of $837.60 million. Pitney Bowes had a negative return on equity of 5,297.85% and a net margin of 2.64%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.44 EPS. equities research analysts predict that Pitney Bowes will post 1.38 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. grew its holdings in Pitney Bowes by 23.1% in the 3rd quarter. Meeder Asset Management Inc. now owns 64,824 shares of the technology company’s stock valued at $909,000 after buying an additional 12,180 shares during the period. Gotham Asset Management LLC grew its holdings in Pitney Bowes by 50.0% in the 2nd quarter. Gotham Asset Management LLC now owns 398,026 shares of the technology company’s stock valued at $6,010,000 after buying an additional 132,684 shares during the period. Vident Investment Advisory LLC purchased a new stake in Pitney Bowes in the 3rd quarter valued at about $472,000. Steward Partners Investment Advisory LLC purchased a new stake in Pitney Bowes in the 3rd quarter valued at about $467,000. Finally, TrueNorth Inc. grew its holdings in Pitney Bowes by 54.6% in the 3rd quarter. TrueNorth Inc. now owns 122,447 shares of the technology company’s stock valued at $1,715,000 after buying an additional 43,228 shares during the period. Hedge funds and other institutional investors own 73.74% of the company’s stock.
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Pitney Bowes Company Profile
Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.
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