PITNEY BOWES INC. $3.60 is a hold. The company (New York symbol PBI; Manufacturing & Industry sector; Shares outstanding: 176.0 million; Market cap: $633.6 million; Dividend yield: 5.6%; Takeover Target Rating: Medium; www.pitneybowes.com) is the world’s largest manufacturer of postage meters, mailing equipment and other technology for e-commerce and logistics.
Partly due to pressure from activist investor Hestia Capital, which owns 8.5% of Pitney Bowes, Marc Lautenbach recently resigned as CEO. Hestia, along with other investors, wants the company to immediately cut between $50 million and $100 million in corporate overhead costs. It’s also likely that it will try to sell its e-commerce division.
The stock will probably make little progress until the company names a new CEO. The $0.20-a-share dividend, which yields a high 5.6%, also looks vulnerable.
Pitney Bowes is a hold, but only for aggressive investors. investors…
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