Vanguard Group Inc. Invests $14.87 Million in PC Connection, Inc. (CNXN)
Vanguard Group Inc. bought a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) during the first quarter, according to its most recent filing with the SEC. The fund bought 499,251 shares of the company’s stock, valued at approximately $14,873,000. Vanguard Group Inc. owned 1.87% of PC Connection at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in PC Connection during the first quarter worth $102,000. Acadian Asset Management LLC bought a new position in PC Connection during the first quarter worth $173,000. Victory Capital Management Inc. bought a new position in PC Connection during the first quarter worth $175,000. First Quadrant L P CA bought a new position in PC Connection during the first quarter worth $185,000. Finally, Envestnet Asset Management Inc. bought a new position in PC Connection during the first quarter worth $188,000. Hedge funds and other institutional investors own 41.38% of the company’s stock.
Shares of PC Connection, Inc. (NASDAQ CNXN) traded down 0.81% during mid-day trading on Monday, hitting $24.40. 15,494 shares of the company were exchanged. PC Connection, Inc. has a 52 week low of $22.31 and a 52 week high of $30.48. The company has a 50 day moving average of $25.87 and a 200 day moving average of $27.16. The company has a market capitalization of $653.53 million, a P/E ratio of 13.79 and a beta of 1.63.
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. PC Connection had a net margin of 1.66% and a return on equity of 11.39%. The company had revenue of $749.79 million for the quarter, compared to the consensus estimate of $733.18 million. During the same quarter in the prior year, the company earned $0.49 EPS. PC Connection’s quarterly revenue was up 10.9% on a year-over-year basis. Equities analysts anticipate that PC Connection, Inc. will post $1.96 earnings per share for the current year.
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A number of research analysts have weighed in on CNXN shares. Zacks Investment Research upgraded shares of PC Connection from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Monday, July 31st. Roth Capital set a $33.00 target price on shares of PC Connection and gave the company a “buy” rating in a research note on Friday, July 28th.
In other news, CEO Timothy J. Mcgrath sold 26,122 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $25.82, for a total transaction of $674,470.04. Following the sale, the chief executive officer now owns 224,907 shares of the company’s stock, valued at approximately $5,807,098.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 57.30% of the stock is currently owned by corporate insiders.
PC Connection Company Profile
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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