PC Connection (NASDAQ:CNXN) Stock Rating Cut to “Hold” at Zacks Research

Zacks Research cut shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks reports.

Separately, Weiss Ratings downgraded PC Connection from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, September 16th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

PC Connection Price Performance

Shares of NASDAQ CNXN opened at $89.49 on Monday. The company has a 50 day simple moving average of $83.11 and a 200 day simple moving average of $72.66. The firm has a market cap of $2.26 billion, a PE ratio of 23.67, a price-to-earnings-growth ratio of 2.15 and a beta of 0.85. PC Connection has a 1 year low of $54.97 and a 1 year high of $90.67.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $764.79 million. As a group, research analysts anticipate that PC Connection will post 4.18 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 11th. PC Connection’s dividend payout ratio is currently 21.16%.

Insiders Place Their Bets

In related news, Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $85.42, for a total value of $610,069.64. Following the transaction, the chairman owned 6,934,901 shares in the company, valued at $592,379,243.42. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 35,710 shares of company stock worth $2,872,655 over the last ninety days. 56.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of PC Connection during the 2nd quarter valued at about $158,833,000. Bank of New York Mellon Corp bought a new stake in PC Connection in the second quarter worth approximately $9,982,000. Man Group plc acquired a new position in PC Connection in the second quarter valued at approximately $6,925,000. PDT Partners LLC bought a new position in shares of PC Connection during the 2nd quarter worth approximately $3,557,000. Finally, Bank of America Corp DE acquired a new stake in shares of PC Connection during the 2nd quarter worth approximately $3,080,000. 42.85% of the stock is owned by institutional investors.

PC Connection Company Profile

PC Connection, Inc (NASDAQ: CNXN) is an information technology solutions provider serving businesses, government agencies, educational institutions and other organizations. The company supplies technology products and provides services designed to help customers plan, implement and manage their IT environments.

Its offerings include computers and mobile devices, servers, storage systems, networking equipment, software, peripherals and communications products. PC Connection also provides professional and lifecycle services, including consulting, systems integration, cloud and data-center solutions, cybersecurity, managed services, deployment, configuration and technical support.

Founded in 1982, the company operates primarily in the United States through brands and business units that include Connection, GovConnection and MoreDirect.