PC Connection (NASDAQ:CNXN) Lowered to “Buy” at StockNews.com

StockNews.com cut shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a buy rating in a research report sent to investors on Friday.

PC Connection Price Performance

Shares of NASDAQ:CNXN opened at $63.69 on Friday. The company has a market capitalization of $1.68 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.85 and a beta of 0.66. PC Connection has a 1 year low of $38.13 and a 1 year high of $70.55. The business has a fifty day moving average price of $65.23 and a two-hundred day moving average price of $63.13.

PC Connection (NASDAQ:CNXN) last released its earnings results on Wednesday, February 14th. The company reported $0.90 earnings per share 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. Sell-side analysts anticipate that PC Connection will post 3.48 earnings per share for the current year.

PC Connection Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, February 27th were paid a $0.10 dividend. This is a boost from PC Connection’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Monday, February 26th. PC Connection’s payout ratio is currently 12.66%.

Institutional Trading of PC Connection

Hedge funds and other institutional investors have recently modified their holdings of the business. Exchange Traded Concepts LLC bought a new stake in PC Connection during the 3rd quarter valued at $614,000. Maryland State Retirement & Pension System purchased a new stake in PC Connection during the 3rd quarter worth about $222,000. Brown Advisory Inc. boosted its stake in PC Connection by 12.5% in the 3rd quarter. Brown Advisory Inc. now owns 393,186 shares of the company’s stock worth $20,988,000 after purchasing an additional 43,578 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of PC Connection by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 107,655 shares of the company’s stock valued at $5,747,000 after buying an additional 708 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in shares of PC Connection by 30.9% in the third quarter. Teacher Retirement System of Texas now owns 17,163 shares of the company’s stock valued at $916,000 after acquiring an additional 4,051 shares during the period. 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.