Citadel Advisors LLC Has $674,000 Position in PC Connection, Inc. (CNXN)
Citadel Advisors LLC lifted its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 16.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,904 shares of the company’s stock after buying an additional 3,443 shares during the quarter. Citadel Advisors LLC owned approximately 0.09% of PC Connection worth $674,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC lifted its stake in shares of PC Connection by 6.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 25,949 shares of the company’s stock valued at $702,000 after buying an additional 1,542 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of PC Connection by 0.8% during the 2nd quarter. Nordea Investment Management AB now owns 133,700 shares of the company’s stock valued at $3,618,000 after buying an additional 1,100 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of PC Connection by 8.5% during the 2nd quarter. Vanguard Group Inc. now owns 541,510 shares of the company’s stock valued at $14,653,000 after buying an additional 42,259 shares in the last quarter. Northern Trust Corp lifted its stake in shares of PC Connection by 1.9% during the 2nd quarter. Northern Trust Corp now owns 730,319 shares of the company’s stock valued at $19,763,000 after buying an additional 13,284 shares in the last quarter. Finally, Summit Global Investments purchased a new position in shares of PC Connection during the 2nd quarter valued at $511,000. Institutional investors own 41.38% of the company’s stock.
In other PC Connection news, CEO Timothy J. Mcgrath sold 26,122 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 224,907 shares of the company’s stock, valued at $5,807,098.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Negrini David Beffa sold 20,000 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the director now directly owns 129,800 shares in the company, valued at $3,374,800. The disclosure for this sale can be found here. Corporate insiders own 57.30% of the company’s stock.
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CNXN has been the topic of a number of analyst reports. 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. Finally, ValuEngine cut shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, September 1st.
Shares of PC Connection, Inc. (CNXN) opened at 28.34 on Friday. The firm has a 50-day moving average of $26.20 and a 200-day moving average of $26.96. The company has a market capitalization of $759.06 million, a P/E ratio of 16.02 and a beta of 1.68. PC Connection, Inc. has a one year low of $22.31 and a one year high of $30.48.
PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $749.79 million for the quarter, compared to the consensus estimate of $733.18 million. During the same period in the prior year, the firm posted $0.49 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Analysts forecast that PC Connection, Inc. will post $1.95 earnings per share for the current year.
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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