OP Asset Management Ltd Buys Shares of 11,742 PC Connection, Inc. $CNXN

OP Asset Management Ltd bought a new stake in PC Connection, Inc. (NASDAQ:CNXN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,742 shares of the company’s stock, valued at approximately $686,000.

Other institutional investors also recently modified their holdings of the company. Qube Research & Technologies Ltd raised its stake in shares of PC Connection by 71.3% during the third quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock worth $10,264,000 after buying an additional 68,906 shares during the last quarter. UBS Group AG boosted its stake in PC Connection by 189.9% in the fourth quarter. UBS Group AG now owns 89,814 shares of the company’s stock valued at $5,188,000 after acquiring an additional 58,831 shares during the last quarter. Millennium Management LLC boosted its stake in PC Connection by 98.8% in the first quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock valued at $7,193,000 after acquiring an additional 57,257 shares during the last quarter. Invesco Ltd. grew its holdings in PC Connection by 22.1% during the 4th quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock worth $12,662,000 after acquiring an additional 39,716 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in PC Connection during the 2nd quarter worth $2,585,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Price Performance

Shares of NASDAQ:CNXN opened at $72.99 on Wednesday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 21.22, a P/E/G ratio of 1.84 and a beta of 0.88. The firm’s 50 day simple moving average is $67.88 and its 200 day simple moving average is $62.86. PC Connection, Inc. has a fifty-two week low of $54.97 and a fifty-two week high of $75.00.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data 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. The business had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. Equities research analysts expect that PC Connection, Inc. will post 3.93 earnings per share for the current year.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 12th. PC Connection’s dividend payout ratio (DPR) is currently 23.26%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Insider Buying and Selling at PC Connection

In other news, Chairman Patricia Gallup sold 7,384 shares of the business’s stock in a transaction 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 owned 7,027,747 shares of the company’s stock, valued at $505,365,286.77. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 21,450 shares of company stock worth $1,528,146 over the last quarter. Company insiders own 56.60% 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.