PC Connection (NASDAQ:CNXN) Sets New 52-Week High – Here’s Why

Shares of PC Connection, Inc. (NASDAQ:CNXN) hit a new 52-week high on Thursday . The company traded as high as $75.76 and last traded at $75.31, with a volume of 68814 shares trading hands. The stock had previously closed at $74.90.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, PC Connection has an average rating of “Moderate Buy”.

PC Connection Stock Performance

The firm has a fifty day moving average price of $69.54 and a 200 day moving average price of $63.63. The stock has a market cap of $1.95 billion, a PE ratio of 22.46, a price-to-earnings-growth ratio of 1.95 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.15. PC Connection had a return on equity of 10.17% and a net margin of 3.02%.The firm had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. On average, equities research analysts forecast that PC Connection, Inc. will post 3.93 earnings per share for the current year.

PC Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. PC Connection’s payout ratio is presently 23.26%.

Insider Activity

In related news, Chairman Patricia Gallup sold 7,384 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total value of $530,983.44. Following the completion of the transaction, the chairman directly owned 7,027,747 shares of the company’s stock, valued at $505,365,286.77. This trade represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 28,592 shares of company stock worth $2,048,512 in the last 90 days. Corporate insiders own 56.60% of the company’s stock.

Institutional Trading of PC Connection

Several large investors have recently bought and sold shares of CNXN. EverSource Wealth Advisors LLC raised its holdings in shares of PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after buying an additional 500 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of PC Connection by 196.7% during the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock valued at $39,000 after buying an additional 417 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock valued at $41,000 after buying an additional 473 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of PC Connection in the 1st quarter valued at $44,000. Finally, Quarry LP acquired a new position in shares of PC Connection in the 3rd quarter valued at $75,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Company Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.