PC Connection (NASDAQ:CNXN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of PC Connection (NASDAQ:CNXN) from a buy rating to a strong-buy rating in a research note released on Saturday morning.

PC Connection Stock Down 0.4 %

NASDAQ:CNXN opened at $65.11 on Friday. The company’s 50 day moving average price is $65.85 and its 200-day moving average price is $62.44. PC Connection has a 52 week low of $37.76 and a 52 week high of $70.55. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 1.88 and a beta of 0.66.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.02. PC Connection had a net margin of 2.92% and a return on equity of 10.55%. The firm had revenue of $696.47 million for the quarter, compared to analysts’ expectations of $673.51 million. As a group, sell-side analysts anticipate that PC Connection will post 3.5 earnings per share for the current year.

PC Connection Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were issued a dividend of $0.10 per share. This is a boost from PC Connection’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, February 26th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.61%. PC Connection’s dividend payout ratio is presently 12.66%.

Institutional Investors Weigh In On PC Connection

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Coppell Advisory Solutions Corp. purchased a new stake in PC Connection in the fourth quarter worth approximately $25,000. Point72 Middle East FZE bought a new stake in shares of PC Connection during the 4th quarter valued at $28,000. Russell Investments Group Ltd. bought a new stake in shares of PC Connection during the 1st quarter valued at $28,000. Tower Research Capital LLC TRC lifted its stake in shares of PC Connection by 62.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 755 shares of the company’s stock valued at $35,000 after buying an additional 290 shares in the last quarter. Finally, Covestor Ltd lifted its stake in shares of PC Connection by 2,189.7% during the 1st quarter. Covestor Ltd now owns 893 shares of the company’s stock valued at $47,000 after buying an additional 854 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

About PC Connection

PC Connection, Inc, together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.