Zacks Investment Research upgraded shares of Pitney Bowes Inc. (NYSE:PBI) from a sell rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “Pitney Bowes’ concerted efforts to transform its business over the past three years have started to show results, as is evident from growth across most business lines in recent quarters. Particularly, the company’s Software business has witnessed a strong rebound on the back of these concerted transformation initiatives, after years of dismal performance. Also, the company’s efforts to optimize its new enterprise business platform to boost profitability are showing impressive results. However on the flip side, over the past six months, Pitney Bowes’ shares witnessed a steep decline, comparing unfavorably with the industry’s average positive return. High incremental marketing expense and prolonged weakness in mailing business are thwarting growth. Also, fluctuations in license revenues, currency fluctuations and softness in equipment sales pose as major threats, going forward.”
A number of other research firms have also recently commented on PBI. BidaskClub cut shares of Pitney Bowes from a buy rating to a hold rating in a research report on Friday, June 23rd. Cross Research lowered shares of Pitney Bowes from a hold rating to a sell rating in a research note on Wednesday, August 2nd. Loop Capital assumed coverage on shares of Pitney Bowes in a research note on Friday, July 28th. They issued a hold rating and a $16.00 target price for the company. ValuEngine lowered shares of Pitney Bowes from a buy rating to a hold rating in a research note on Friday, September 1st. Finally, Sidoti raised shares of Pitney Bowes from a neutral rating to a buy rating and set a $17.00 target price for the company in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Pitney Bowes currently has an average rating of Hold and an average target price of $17.67.
Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Tuesday, August 1st. The technology company reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). Pitney Bowes had a net margin of 3.02% and a return on equity of 15,666.66%. The firm had revenue of $821.40 million during the quarter, compared to the consensus estimate of $822.90 million. During the same quarter in the prior year, the company earned $0.39 EPS. Pitney Bowes’s quarterly revenue was down 1.7% on a year-over-year basis.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Pitney Bowes by 11.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,041 shares of the technology company’s stock worth $106,000 after purchasing an additional 748 shares during the period. Seven Eight Capital LP acquired a new position in Pitney Bowes in the 2nd quarter worth $108,000. Trexquant Investment LP acquired a new position in Pitney Bowes in the 1st quarter worth $149,000. IFP Advisors Inc boosted its stake in Pitney Bowes by 74.4% in the 2nd quarter. IFP Advisors Inc now owns 11,236 shares of the technology company’s stock worth $170,000 after purchasing an additional 4,793 shares during the period. Finally, D.A. Davidson & CO. boosted its stake in Pitney Bowes by 23.0% in the 2nd quarter. D.A. Davidson & CO. now owns 12,300 shares of the technology company’s stock worth $185,000 after purchasing an additional 2,300 shares during the period. 76.18% of the stock is owned by hedge funds and other institutional investors.
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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