Man Group plc Buys New Stake in PC Connection, Inc. $CNXN

Man Group plc purchased a new stake in shares of PC Connection, Inc. (NASDAQ:CNXN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 94,881 shares of the company’s stock, valued at approximately $6,925,000. Man Group plc owned 0.38% of PC Connection as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC grew its holdings in PC Connection by 137.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock valued at $3,661,000 after purchasing an additional 35,358 shares during the period. Sei Investments Co. increased its stake in shares of PC Connection by 150.2% during the first quarter. Sei Investments Co. now owns 27,384 shares of the company’s stock worth $1,601,000 after purchasing an additional 16,441 shares in the last quarter. PDT Partners LLC acquired a new position in shares of PC Connection during the 2nd quarter worth about $3,557,000. Denali Advisors LLC raised its position in shares of PC Connection by 19.1% during the 2nd quarter. Denali Advisors LLC now owns 99,200 shares of the company’s stock worth $7,241,000 after purchasing an additional 15,900 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in PC Connection by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock valued at $62,390,000 after buying an additional 10,218 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Trading Down 1.1%

NASDAQ:CNXN opened at $79.67 on Friday. The company has a market cap of $2.01 billion, a P/E ratio of 21.08, a P/E/G ratio of 1.91 and a beta of 0.86. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $88.31. The company’s 50-day moving average price is $78.41 and its 200-day moving average price is $69.00.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.31. The company had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. On average, analysts expect that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 11th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. PC Connection’s dividend payout ratio (DPR) is presently 21.16%.

Insiders Place Their Bets

In other PC Connection news, Chairman Patricia Gallup sold 7,384 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total value of $530,983.44. Following the completion of the sale, the chairman directly owned 7,027,747 shares in the company, valued at $505,365,286.77. This represents a 0.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 42,876 shares of company stock worth $3,226,800 over the last quarter. Insiders own 56.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CNXN. Zacks Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Wall Street Zen upgraded PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, PC Connection has an average rating of “Strong Buy”.

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.