Lauren Freemen-Bosworth, the Executive Vice President, General Counsel & Corporate Secretary at Pitney Bowes Inc . (NYSE:PBI), executed a series of stock transactions on November 29, 2024. According to a recent SEC filing, Freemen-Bosworth sold a total of 42,308 shares of common stock in Pitney Bowes, generating proceeds of approximately $343,453. The shares were sold at prices ranging from $8.1106 to $8.1358 per share, near the stock's 52-week high of $8.80.
In addition to these sales, Freemen-Bosworth also exercised stock options to acquire 30,000 shares at a price of $5.99 per share, a transaction valued at $179,700. These transactions were carried out under a Rule 10b5-1 trading plan, which was adopted on August 30, 2024. Following these transactions, Freemen-Bosworth now holds 18,663.582 shares directly. Based on InvestingPro analysis, Pitney Bowes appears overvalued at current levels, with 12 additional ProTips available to subscribers detailing the company's financial health and growth prospects.
In other recent news, Pitney Bowes Inc. has made significant strides in its financial performance despite a minor decrease in third-quarter revenue, down to $499 million from $503 million year-over-year. The company's profitability has shown a notable improvement, with adjusted EBITDA rising 22% to $103 million, and adjusted EPS increasing to $0.21, up from $0.16. This progress is largely due to strategic initiatives to exit the Global Ecommerce segment, reduce costs, and optimize cash flow.
Pitney Bowes has also reached a key agreement with DRF Logistics LLC, which is considered a crucial step towards the completion of DRF's exit from bankruptcy. The company aims to finalize this agreement by the end of 2024. This development is part of Pitney Bowes' broader strategic initiative to improve financial performance and maintain growth in its remaining businesses.
In other developments, the company's free cash flow has improved to $75 million, up from $56 million year-over-year. However, it's worth noting that Pitney Bowes' SendTech revenue experienced a decline due to technology migration, while the Presort business demonstrated strong performance with a 9% growth in revenue. As per the company's outlook, the full-year revenue for 2024 is expected to decline at a low-single-digit rate, while EBIT guidance has been raised to $355-$360 million. These are among the recent developments at Pitney Bowes.
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