Pitney Bowes Inc. (NYSE:PBI) Cut to Strong Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Pitney Bowes Inc. (NYSE:PBI) from a hold rating to a strong sell rating in a report published on Monday, November 6th.

According to Zacks, “Pitney Bowes’ third-quarter adjusted earnings missed the Zacks Consensus Estimate by 23.2%. On a GAAP basis, the company’s earnings per share was down 11.4% year over year, driven by a rise in total costs and  cost of investment in new business areas. Year to date, Pitney Bowes’ shares witnessed a steep negative return against the industry’s average gain. As the company continues to transform its portfolio and make necessary investments to boost sales, it expects pressure on margins in the short term. Based on escalating restructuring charges, the company trimmed earnings guidance for 2017. This apart, strengthening of the U.S. dollar is likely to hurt the company’s cross-border sales, consequently hindering growth. Meanwhile, a thriving global ecommerce business and new product launches are expected to offset some of these challenges, bolstering the top line.”

Other analysts also recently issued research reports about the company. ValuEngine upgraded Pitney Bowes from a hold rating to a buy rating in a research report on Monday, October 2nd. Sidoti raised Pitney Bowes from a neutral rating to a buy rating and set a $17.00 target price on the stock in a research note on Wednesday, August 2nd. Loop Capital reduced their price target on Pitney Bowes from $14.00 to $12.00 and set a hold rating on the stock in a research note on Thursday, November 2nd. BidaskClub raised Pitney Bowes from a sell rating to a hold rating in a research note on Saturday, August 26th. Finally, Cross Research cut Pitney Bowes from a hold rating to a sell rating in a research note on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $14.50.

Pitney Bowes (PBI) traded down $0.04 during trading hours on Monday, reaching $9.93. The company had a trading volume of 2,445,907 shares, compared to its average volume of 3,280,303. The company has a market cap of $1,854.21, a P/E ratio of 6.41 and a beta of 1.25. Pitney Bowes has a one year low of $9.50 and a one year high of $16.60. The company has a quick ratio of 1.37, a current ratio of 1.42 and a debt-to-equity ratio of 35.49.

Pitney Bowes (NYSE:PBI) last released its earnings results on Wednesday, November 1st. The technology company reported $0.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.10). The firm had revenue of $842.82 million during the quarter, compared to the consensus estimate of $837.60 million. Pitney Bowes had a negative return on equity of 5,297.85% and a net margin of 2.64%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 EPS. research analysts anticipate that Pitney Bowes will post 1.38 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Tuesday, November 21st will be paid a $0.1875 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 7.55%. Pitney Bowes’s dividend payout ratio is currently 156.25%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eaton Vance Management lifted its holdings in shares of Pitney Bowes by 0.3% during the second quarter. Eaton Vance Management now owns 54,293 shares of the technology company’s stock valued at $820,000 after purchasing an additional 142 shares in the last quarter. Ifrah Financial Services Inc. lifted its holdings in shares of Pitney Bowes by 1.3% during the second quarter. Ifrah Financial Services Inc. now owns 18,025 shares of the technology company’s stock valued at $272,000 after purchasing an additional 238 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Pitney Bowes by 1.7% during the second quarter. Teacher Retirement System of Texas now owns 15,054 shares of the technology company’s stock valued at $227,000 after purchasing an additional 251 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Pitney Bowes by 11.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,041 shares of the technology company’s stock valued at $106,000 after purchasing an additional 748 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Pitney Bowes by 1.3% during the second quarter. Public Employees Retirement System of Ohio now owns 60,488 shares of the technology company’s stock valued at $913,000 after purchasing an additional 784 shares in the last quarter. 76.17% of the stock is currently owned by hedge funds and other institutional investors.

About Pitney Bowes

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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