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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of