Pitney Bowes Inc. (NYSE:PBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday, May 12th. The brokerage presently has a $18.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.36% from the stock’s previous close.
According to Zacks, “Pitney Bowes reported adjusted earnings of $0.36 per share, which beat the Zacks Consensus Estimate of $0.34 and was up 5.9% on a year-over-year basis. A fall in total costs, along with lower restructuring and asset impairment charges proved conducive to bottom-line growth. Going forward, the company believes that positive industry trends, new products and digital capabilities within SMB and robust momentum of Global Ecommerce will act as strong growth drivers. After years of dismal performance, the company’s Software business witnessed a rebound on the back of concerted transformation initiatives. Despite these positives, over the past six months, Pitney Bowes’ shares witnessed a steep negative return compared with the Zacks categorized Office Automation & Equipment industry’s average positive return. High incremental marketing expense and prolonged weakness in mailing business pose as major headwinds.”
Pitney Bowes (NYSE:PBI) opened at 15.08 on Friday. The stock’s 50 day moving average is $14.67 and its 200-day moving average is $14.44. The firm has a market capitalization of $2.81 billion, a PE ratio of 28.29 and a beta of 1.36. Pitney Bowes has a 52-week low of $12.31 and a 52-week high of $19.33. Pitney Bowes (NYSE:PBI) last announced its quarterly earnings data on Tuesday, May 2nd. The technology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.02. Pitney Bowes had a return on equity of 575.70% and a net margin of 3.20%. The business had revenue of $836.60 million during the quarter, compared to the consensus estimate of $817.07 million. During the same period in the prior year, the company earned $0.34 EPS. Pitney Bowes’s revenue for the quarter was down .9% on a year-over-year basis. Equities analysts expect that Pitney Bowes will post $1.74 earnings per share for the current year.
In other Pitney Bowes news, Director Linda S. Sanford acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was acquired at an average cost of $15.09 per share, for a total transaction of $75,450.00. Following the transaction, the director now directly owns 18,690 shares in the company, valued at $282,032.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.43% of the stock is owned by corporate insiders. A number of institutional investors have recently bought and sold shares of PBI. Bank of Nova Scotia purchased a new position in Pitney Bowes during the first quarter valued at approximately $216,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Pitney Bowes by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,649 shares of the technology company’s stock valued at $162,000 after buying an additional 49 shares in the last quarter. ING Groep NV purchased a new position in Pitney Bowes during the fourth quarter valued at approximately $167,000. Sheaff Brock Investment Advisors LLC increased its position in Pitney Bowes by 4.7% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 11,109 shares of the technology company’s stock valued at $146,000 after buying an additional 500 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in Pitney Bowes during the first quarter valued at approximately $149,000. Hedge funds and other institutional investors own 73.69% of the company’s stock.
Get a free copy of the Zacks research report on Pitney Bowes (PBI) For more information about research offerings from Zacks Investment Research, visit Zacks.com