Shares of Pitney Bowes Inc. (NYSE:PBI – Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $7.95 and last traded at $7.88, with a volume of 90627 shares traded. The stock had previously closed at $7.50.
Analysts Set New Price Targets
Separately, StockNews.com downgraded Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 21st.
Get Our Latest Research Report on PBI
Pitney Bowes Stock Performance
Pitney Bowes (NYSE:PBI – Get Free Report) last announced its earnings results on Thursday, August 8th. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.10. The business had revenue of $793.17 million during the quarter, compared to the consensus estimate of $771.65 million. Pitney Bowes had a negative net margin of 8.05% and a negative return on equity of 5.31%. Pitney Bowes’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.02) EPS. Equities research analysts forecast that Pitney Bowes Inc. will post 0.35 earnings per share for the current year.
Hedge Funds Weigh In On Pitney Bowes
A number of hedge funds have recently bought and sold shares of PBI. Assenagon Asset Management S.A. grew its position in shares of Pitney Bowes by 2,894.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,228,562 shares of the technology company’s stock worth $8,760,000 after purchasing an additional 1,187,531 shares in the last quarter. Marshall Wace LLP grew its position in Pitney Bowes by 248.1% during the second quarter. Marshall Wace LLP now owns 706,302 shares of the technology company’s stock worth $3,588,000 after buying an additional 503,378 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Pitney Bowes during the 2nd quarter worth $1,582,000. Cubist Systematic Strategies LLC raised its holdings in Pitney Bowes by 144.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 428,194 shares of the technology company’s stock valued at $2,175,000 after acquiring an additional 253,076 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Pitney Bowes in the 3rd quarter valued at $1,405,000. 67.88% of the stock is owned by institutional investors.
About Pitney Bowes
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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