Kornitzer Capital Management Inc. KS Has $2.87 Million Stake in Pitney Bowes Inc. (NYSE:PBI)

Kornitzer Capital Management Inc. KS trimmed its stake in shares of Pitney Bowes Inc. (NYSE:PBI) by 20.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 396,010 shares of the technology company’s stock after selling 99,750 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.22% of Pitney Bowes worth $2,867,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PBI. Hestia Capital Management LLC acquired a new position in Pitney Bowes in the fourth quarter valued at approximately $114,326,000. Assenagon Asset Management S.A. lifted its holdings in Pitney Bowes by 2,894.2% in the third quarter. Assenagon Asset Management S.A. now owns 1,228,562 shares of the technology company’s stock valued at $8,760,000 after buying an additional 1,187,531 shares during the period. JPMorgan Chase & Co. lifted its holdings in Pitney Bowes by 182.4% in the third quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock valued at $6,897,000 after buying an additional 624,878 shares during the period. PEAK6 Investments LLC acquired a new position in Pitney Bowes in the third quarter valued at approximately $3,470,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Pitney Bowes in the third quarter valued at approximately $3,442,000. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Pitney Bowes news, EVP Deborah Pfeiffer sold 35,000 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $9.02, for a total value of $315,700.00. Following the sale, the executive vice president now directly owns 124,124 shares in the company, valued at approximately $1,119,598.48. This trade represents a 22.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kurt James Wolf sold 78,285 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.66, for a total transaction of $834,518.10. Following the completion of the sale, the director now owns 606,289 shares in the company, valued at approximately $6,463,040.74. This trade represents a 11.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,405,593 shares of company stock worth $13,568,759. Company insiders own 14.30% of the company’s stock.

Pitney Bowes Price Performance

Shares of NYSE PBI opened at $10.65 on Wednesday. The company’s 50 day simple moving average is $8.00 and its 200 day simple moving average is $7.45. Pitney Bowes Inc. has a fifty-two week low of $3.73 and a fifty-two week high of $10.81. The firm has a market capitalization of $1.93 billion, a P/E ratio of -4.88, a P/E/G ratio of 0.52 and a beta of 2.01.

Pitney Bowes (NYSE:PBI) last posted its earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%. Sell-side analysts expect that Pitney Bowes Inc. will post 0.4 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, February 21st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Pitney Bowes’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 2.25%. Pitney Bowes’s dividend payout ratio (DPR) is -21.43%.

Pitney Bowes Company Profile

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.