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, HoldingsChannel reports. The fund owned 396,010 shares of the technology company’s stock after selling 99,750 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Pitney Bowes were worth $2,867,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PBI. James J. Burns & Company LLC grew its position in Pitney Bowes by 9.7% in the fourth quarter. James J. Burns & Company LLC now owns 18,587 shares of the technology company’s stock valued at $135,000 after purchasing an additional 1,637 shares in the last quarter. First Citizens Bank & Trust Co. grew its position in Pitney Bowes by 10.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 20,677 shares of the technology company’s stock valued at $150,000 after purchasing an additional 2,020 shares in the last quarter. Westside Investment Management Inc. grew its position in Pitney Bowes by 0.5% in the fourth quarter. Westside Investment Management Inc. now owns 625,939 shares of the technology company’s stock valued at $4,532,000 after purchasing an additional 3,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Pitney Bowes by 10.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,663 shares of the technology company’s stock valued at $347,000 after purchasing an additional 4,728 shares in the last quarter. Finally, Quarry LP grew its position in shares of Pitney Bowes by 889.2% in the 3rd quarter. Quarry LP now owns 8,319 shares of the technology company’s stock valued at $59,000 after acquiring an additional 7,478 shares during the period. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Pitney Bowes Price Performance

Shares of PBI opened at $10.65 on Wednesday. The firm has a 50-day moving average of $8.00 and a 200-day moving average of $7.45. Pitney Bowes Inc. has a one year low of $3.73 and a one year high of $10.81. The company has a market cap of $1.93 billion, a PE ratio of -4.88, a price-to-earnings-growth ratio of 0.52 and a beta of 2.01.

Pitney Bowes (NYSE:PBI) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates 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%. Analysts expect that Pitney Bowes Inc. will post 0.4 earnings per share for the current year.

Pitney Bowes Increases Dividend

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

Insider Activity

In other news, Director Kurt James Wolf sold 1,250,000 shares of Pitney Bowes stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $9.66, for a total value of $12,075,000.00. Following the completion of the transaction, the director now owns 622,250 shares of the company’s stock, valued at $6,010,935. This trade represents a 66.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Deborah Pfeiffer sold 35,000 shares of Pitney Bowes stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $9.02, for a total transaction of $315,700.00. Following the completion of the transaction, the executive vice president now directly owns 124,124 shares of the company’s stock, valued at approximately $1,119,598.48. This trade represents a 22.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,405,593 shares of company stock valued at $13,568,759 in the last quarter. Company insiders own 14.30% of the company’s stock.

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.