Pitney Bowes Chief Bullish In Hedge Fund Presentation

Oct 3 2013 | 3:16am ET

Pitney Bowes CEO Marc Lautenbach has made his case that hedge funds shouldn't be shorting his company's stock, and they appear to be buying it.

Lautenbach spoke at a New York idea dinner on Monday that counted represenatives from Citadel Investment Group, Highfields Capital, Jana Partners, JAT Capital Management, Och-Ziff Capital Management, Soros Fund Management and Tudor Investment Corp. among its attendees. He told the audience that Pitney Bowes could increase its margins over the next several years by cutting expenses and increasing its business with clients such as Facebook and eBay, CNBC reports.

Pitney Bowes shares have been among the most heavily shorted this year, but investors have slashed their short-interest in the company over the past two months.

"Short sellers have dramatically covered positions as the share price trades close to annual highs," Markit's Alex Brog told CNBC. "The percentage of shares on loan has reduced from over 25% at the end of July to 15.5% today."

Pitney Bowes shares are up almost 80% this year, Lautenbach's first at the helm. The company on Tuesday announced that it had closed its sale of Pitney Bowes Management Services to Apollo Global Management.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...