StockNews.com Upgrades Pitney Bowes (NYSE:PBI) to “Buy”

Pitney Bowes (NYSE:PBI) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

Pitney Bowes Price Performance

Shares of PBI stock opened at $5.27 on Friday. Pitney Bowes has a 12-month low of $2.80 and a 12-month high of $5.51. The firm has a fifty day moving average of $4.18 and a 200-day moving average of $4.08.

Pitney Bowes (NYSE:PBI) last announced its earnings results on Thursday, May 2nd. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $831.00 million during the quarter, compared to analyst estimates of $797.00 million. Pitney Bowes had a negative net margin of 11.67% and a negative return on equity of 3.09%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) EPS. Equities analysts predict that Pitney Bowes will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Pitney Bowes

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI acquired a new position in shares of Pitney Bowes during the 4th quarter worth about $30,000. Syon Capital LLC acquired a new position in shares of Pitney Bowes during the 3rd quarter worth about $32,000. CenterBook Partners LP acquired a new position in shares of Pitney Bowes during the 3rd quarter worth about $33,000. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Pitney Bowes during the 4th quarter worth about $55,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Pitney Bowes by 50.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,616 shares of the technology company’s stock worth $56,000 after buying an additional 6,279 shares during the last quarter. 67.88% of the stock is owned by institutional investors and hedge funds.

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.