PC Connection (NASDAQ:CNXN) Reaches New 12-Month High – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $84.19 and last traded at $83.00, with a volume of 3241 shares changing hands. The stock had previously closed at $81.23.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings raised shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research 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 assigned a Hold rating to the company’s stock. According to MarketBeat, PC Connection has an average rating of “Moderate Buy”.

PC Connection Stock Performance

The company’s fifty day moving average is $72.44 and its two-hundred day moving average is $65.12. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. The company had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. PC Connection had a return on equity of 10.17% and a net margin of 3.02%. As a group, analysts forecast that PC Connection, Inc. will post 3.93 earnings per share for the current fiscal year.

PC Connection Announces Dividend

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

Insider Buying and Selling

In other PC Connection 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 transaction, the chairman owned 7,027,747 shares in the company, 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 SEC, which is available through the SEC website. In the last quarter, insiders have sold 28,592 shares of company stock valued at $2,048,512. Insiders own 56.60% of the company’s stock.

Institutional Trading of PC Connection

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its holdings in PC Connection by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company’s stock valued at $89,237,000 after purchasing an additional 4,345 shares during the last quarter. Vanguard Group Inc. increased its holdings in PC Connection by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock worth $62,390,000 after purchasing an additional 10,218 shares during the last quarter. Geode Capital Management LLC increased its holdings in PC Connection by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 377,001 shares of the company’s stock worth $21,777,000 after purchasing an additional 2,945 shares during the last quarter. Invesco Ltd. raised its position in shares of PC Connection by 22.1% in the 4th quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock valued at $12,662,000 after purchasing an additional 39,716 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its position in shares of PC Connection by 71.3% in the 3rd quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock valued at $10,264,000 after purchasing an additional 68,906 shares in the last quarter. 42.85% of the stock is owned by hedge funds and other institutional investors.

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.