PC Connection, Inc. (CNXN) Position Maintained by Keel Point LLC
Keel Point LLC maintained its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,192 shares of the company’s stock at the close of the 2nd quarter. Keel Point LLC owned approximately 0.13% of PC Connection worth $925,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in CNXN. Legal & General Group Plc bought a new stake in shares of PC Connection during the 1st quarter worth about $102,000. Dubuque Bank & Trust Co. boosted its holdings in shares of 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 buying an additional 2,275 shares during the period. Victory Capital Management Inc. bought a new stake in shares of PC Connection during the 1st quarter worth about $175,000. Envestnet Asset Management Inc. bought a new stake in shares of PC Connection during the 1st quarter worth about $188,000. Finally, Public Employees Retirement Association of Colorado bought a new stake in shares of PC Connection during the 1st quarter worth about $200,000. 41.38% of the stock is owned by institutional investors and hedge funds.
PC Connection, Inc. (CNXN) traded up 1.08% during mid-day trading on Friday, reaching $29.11. 10,327 shares of the company’s stock were exchanged. The stock has a market cap of $779.68 million, a price-to-earnings ratio of 16.46 and a beta of 1.68. 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 $26.65 and a 200-day moving average of $26.96.
PC Connection (NASDAQ:CNXN) last issued its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The firm had revenue of $749.79 million during the quarter, compared to analyst estimates of $733.18 million. PC Connection had a net margin of 1.66% and a return on equity of 11.39%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business earned $0.49 earnings per share. Equities research analysts anticipate that PC Connection, Inc. will post $1.95 earnings per share for the current year.
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 value of $674,470.04. Following the completion of the transaction, the chief executive officer now directly owns 224,907 shares in the company, valued at $5,807,098.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Negrini David Beffa sold 20,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 129,800 shares of the company’s stock, valued at $3,374,800. The disclosure for this sale can be found here. 57.30% of the stock is owned by company insiders.
CNXN has been the subject of several research analyst reports. Zacks Investment Research raised shares of PC Connection from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a report on Monday, July 31st. Roth Capital set a $33.00 target price on shares of PC Connection and gave the stock a “buy” rating in a report on Friday, July 28th. Finally, ValuEngine downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a report on Friday, September 1st.
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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