Brandywine Global Investment Management LLC Lowers Holdings in PC Connection, Inc. (CNXN)
Brandywine Global Investment Management LLC lowered its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 2.7% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 54,854 shares of the company’s stock after selling 1,540 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.20% of PC Connection worth $1,485,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in PC Connection during the 1st quarter worth about $102,000. Dubuque Bank & Trust Co. lifted its position in PC Connection by 64.9% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 5,779 shares of the company’s stock worth $156,000 after acquiring an additional 2,275 shares during the period. Victory Capital Management Inc. acquired a new stake in PC Connection during the 1st quarter worth about $175,000. Envestnet Asset Management Inc. acquired a new stake in PC Connection during the 1st quarter worth about $188,000. Finally, Public Employees Retirement Association of Colorado acquired a new stake in PC Connection during the 1st quarter worth about $200,000. 41.38% of the stock is owned by institutional investors.
In related news, CEO Timothy J. Mcgrath sold 26,122 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $25.82, for a total transaction of $674,470.04. Following the transaction, the chief executive officer now owns 224,907 shares of the company’s stock, valued at $5,807,098.74. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Negrini David Beffa sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the director now directly owns 129,800 shares in the company, valued at approximately $3,374,800. The disclosure for this sale can be found here. Company insiders own 57.30% of the company’s stock.
A number of analysts have commented on CNXN shares. Roth Capital set a $33.00 price target on PC Connection and gave the stock a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research raised PC Connection from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research report on Monday, July 31st. Finally, ValuEngine cut PC Connection from a “buy” rating to a “hold” rating in a research report on Friday, September 1st.
PC Connection, Inc. (NASDAQ CNXN) opened at 28.34 on Monday. PC Connection, Inc. has a one year low of $22.31 and a one year high of $30.48. The stock has a 50 day moving average price of $26.20 and a 200 day moving average price of $26.96. The firm has a market cap of $759.06 million, a PE ratio of 16.02 and a beta of 1.68.
PC Connection (NASDAQ:CNXN) last released 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 return on equity of 11.39% and a net margin of 1.66%. The firm had revenue of $749.79 million for the quarter, compared to analyst estimates of $733.18 million. During the same quarter last year, the company posted $0.49 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. Equities research analysts expect that PC Connection, Inc. will post $1.95 EPS for the current year.
PC Connection 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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