48,448 Shares in PC Connection, Inc. (CNXN) Purchased by Shell Asset Management Co.
Shell Asset Management Co. acquired a new position in PC Connection, Inc. (NASDAQ:CNXN) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 48,448 shares of the company’s stock, valued at approximately $1,040,000. Shell Asset Management Co. owned about 0.18% of PC Connection as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP purchased a new stake in PC Connection during the 1st quarter valued at $66,560,000. Vanguard Group Inc. purchased a new stake in PC Connection during the 1st quarter valued at $14,873,000. Renaissance Technologies LLC purchased a new stake in PC Connection during the 1st quarter valued at $5,374,000. Geode Capital Management LLC purchased a new stake in PC Connection during the 1st quarter valued at $4,707,000. Finally, Tributary Capital Management LLC raised its stake in PC Connection by 68.2% during the 2nd quarter. Tributary Capital Management LLC now owns 385,128 shares of the company’s stock valued at $10,422,000 after buying an additional 156,106 shares during the last quarter. Institutional investors own 41.49% of the company’s stock.
In related news, CEO Timothy J. Mcgrath sold 26,122 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 224,907 shares of the company’s stock, valued at $5,807,098.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Negrini David Beffa sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was 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 of the company’s stock, 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.
Shares of PC Connection, Inc. (NASDAQ CNXN) opened at 27.00 on Wednesday. PC Connection, Inc. has a 52 week low of $22.31 and a 52 week high of $30.48. The firm’s 50-day moving average is $27.51 and its 200-day moving average is $26.85. The stock has a market capitalization of $723.17 million, a price-to-earnings ratio of 15.26 and a beta of 1.68.
PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Thursday, October 26th. The company reported $0.49 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.49. The business had revenue of $729.23 million during the quarter, compared to analysts’ expectations of $727.84 million. PC Connection had a net margin of 1.63% and a return on equity of 11.00%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. Analysts forecast that PC Connection, Inc. will post $1.82 earnings per share for the current fiscal year.
CNXN has been the subject of a number of research reports. Zacks Investment Research lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. ValuEngine lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, 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.
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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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