Sei Investments Co. Raises Position in PC Connection, Inc. $CNXN

Sei Investments Co. grew its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 150.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,384 shares of the company’s stock after buying an additional 16,441 shares during the period. Sei Investments Co.’s holdings in PC Connection were worth $1,601,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in PC Connection by 137.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock worth $3,661,000 after purchasing an additional 35,358 shares during the period. Teacher Retirement System of Texas raised its position in shares of PC Connection by 12.0% in the fourth quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company’s stock valued at $6,629,000 after purchasing an additional 12,275 shares during the period. Vanguard Group Inc. raised its position in shares of PC Connection by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock valued at $62,390,000 after purchasing an additional 10,218 shares during the period. OP Asset Management Ltd purchased a new stake in shares of PC Connection during the 1st quarter valued at approximately $686,000. Finally, Royce & Associates LP lifted its stake in shares of PC Connection by 11.2% during the 4th quarter. Royce & Associates LP now owns 79,288 shares of the company’s stock valued at $4,580,000 after buying an additional 7,996 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Price Performance

Shares of NASDAQ:CNXN opened at $82.40 on Tuesday. The firm has a fifty day moving average price of $76.28 and a two-hundred day moving average price of $67.13. PC Connection, Inc. has a one year low of $54.97 and a one year high of $88.31. The company has a market cap of $2.08 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 2.02 and a beta of 0.86.

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

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, August 11th. PC Connection’s dividend payout ratio is currently 21.16%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CNXN. Zacks Research upgraded shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research note 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 report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to MarketBeat, PC Connection currently has an average rating of “Strong Buy”.

Insiders Place Their Bets

In other PC Connection news, Chairman Patricia Gallup sold 7,384 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total value of $530,983.44. Following the sale, the chairman 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 35,734 shares of company stock valued at $2,665,153. 56.60% of the stock is owned by corporate insiders.

PC Connection 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.