Pitney Bowes (PBI) Shares Up 0.6% After Earnings Beat
Shares of Pitney Bowes Inc. (NYSE:PBI) shot up 0.6% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $14.80 and last traded at $14.20. 1,659,816 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 2,408,010 shares. The stock had previously closed at $14.11.
The technology company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. Pitney Bowes had a negative return on equity of 5,297.85% and a net margin of 2.64%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the company posted $0.53 earnings per share. Pitney Bowes’s revenue for the quarter was up 18.3% on a year-over-year basis.
A number of brokerages have issued reports on PBI. Zacks Investment Research downgraded Pitney Bowes from a “hold” rating to a “strong sell” rating in a report on Monday, November 6th. Loop Capital decreased their price target on Pitney Bowes from $14.00 to $12.00 and set a “hold” rating for the company in a report on Thursday, November 2nd. Finally, ValuEngine downgraded Pitney Bowes from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.50.
The company has a quick ratio of 1.37, a current ratio of 1.42 and a debt-to-equity ratio of 35.49. The company has a market cap of $2,550.00, a P/E ratio of 9.70 and a beta of 1.11.
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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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