Pitney Bowes Inc. (PBI) Raised to “Hold” at Zacks Investment Research

Pitney Bowes Inc. (NYSE:PBI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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 analysts have also issued reports on the company. ValuEngine raised Pitney Bowes from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. BidaskClub raised Pitney Bowes from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Cross Research lowered Pitney Bowes from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Sidoti upgraded Pitney Bowes from a “neutral” rating to a “buy” rating and set a $17.00 price target for the company in a research note on Wednesday, August 2nd. Finally, Loop Capital initiated coverage on Pitney Bowes in a research note on Friday, July 28th. They issued a “hold” rating and a $16.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $17.67.

Pitney Bowes (PBI) traded up 2.15% on Tuesday, hitting $14.23. The stock had a trading volume of 659,370 shares. The stock has a market cap of $2.66 billion, a P/E ratio of 27.96 and a beta of 1.21. The company’s 50-day moving average is $13.13 and its 200-day moving average is $14.10. Pitney Bowes has a one year low of $12.31 and a one year high of $18.20.

Pitney Bowes (NYSE:PBI) last announced its earnings results on Tuesday, August 1st. The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). Pitney Bowes had a return on equity of 15,666.66% and a net margin of 3.02%. The business had revenue of $821.40 million for the quarter, compared to analysts’ expectations of $822.90 million. During the same period in the previous year, the firm posted $0.39 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, analysts anticipate that Pitney Bowes will post $1.68 earnings per share for the current fiscal year.

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Hedge funds have recently modified their holdings of the business. Bank of Nova Scotia acquired a new position in Pitney Bowes in the first quarter valued at approximately $216,000. HPM Partners LLC acquired a new position in Pitney Bowes in the second quarter valued at approximately $429,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Pitney Bowes by 11.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,041 shares of the technology company’s stock valued at $106,000 after acquiring an additional 748 shares during the period. Seven Eight Capital LP acquired a new position in Pitney Bowes in the second quarter valued at approximately $108,000. Finally, IFP Advisors Inc boosted its stake in Pitney Bowes by 74.4% in the second quarter. IFP Advisors Inc now owns 11,236 shares of the technology company’s stock valued at $170,000 after acquiring an additional 4,793 shares during the period. Institutional investors own 76.18% of the company’s stock.

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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