Tributary Capital Management LLC Buys 156,106 Shares of PC Connection, Inc. (NASDAQ:CNXN)
Tributary Capital Management LLC increased its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 68.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 385,128 shares of the company’s stock after buying an additional 156,106 shares during the period. Tributary Capital Management LLC owned 1.44% of PC Connection worth $10,422,000 as of its most recent filing with the SEC.
A number of other large investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP purchased a new position in PC Connection during the first quarter valued at $66,560,000. Royce & Associates LP purchased a new position in PC Connection during the first quarter valued at $55,730,000. Vanguard Group Inc. purchased a new position in PC Connection during the first quarter valued at $14,873,000. Fenimore Asset Management Inc. purchased a new position in PC Connection during the first quarter valued at $9,492,000. Finally, Paradigm Capital Management Inc. NY purchased a new position in PC Connection during the first quarter valued at $7,257,000. Hedge funds and other institutional investors own 41.22% of the company’s stock.
Shares of PC Connection, Inc. (NASDAQ:CNXN) opened at 25.40 on Monday. The company has a market cap of $680.31 million, a price-to-earnings ratio of 14.36 and a beta of 1.63. PC Connection, Inc. has a 12 month low of $22.31 and a 12 month high of $30.48. The stock has a 50 day moving average of $26.44 and a 200-day moving average of $27.44.
PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.03. The company had revenue of $749.79 million for the quarter, compared to analysts’ expectations of $733.18 million. PC Connection had a return on equity of 11.53% and a net margin of 1.66%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 earnings per share. On average, analysts forecast that PC Connection, Inc. will post $1.96 EPS for the current year.
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A number of research analysts have weighed in on CNXN shares. Roth Capital set a $33.00 price target on shares of PC Connection and gave the company a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of PC Connection from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 20th.
About PC Connection
PC Connection, Inc is a provider of a range of information technology (IT) solutions. The Company conducts its business operations through three business segments: small- to medium-sized businesses (SMB), Large Account and Public Sector. The Company enables customers to design, enable, manage and service their IT environments.
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