PC Connection, Inc. (NASDAQ:CNXN – Get Free Report)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $80.64 and last traded at $79.78, with a volume of 136907 shares traded. The stock had previously closed at $78.97.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on the company. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.
Check Out Our Latest Research Report on PC Connection
PC Connection Stock Performance
PC Connection (NASDAQ:CNXN – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. PC Connection had a return on equity of 10.17% and a net margin of 3.02%.The business had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. Analysts forecast that PC Connection, Inc. will post 3.93 EPS for the current year.
PC Connection Announces Dividend
The business also recently announced 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. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Tuesday, May 12th. PC Connection’s payout ratio is presently 23.26%.
Insider Buying and Selling
In other PC Connection news, Chairman Patricia Gallup sold 7,384 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44. Following the sale, the chairman 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 document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 28,592 shares of company stock worth $2,048,512. Insiders own 56.60% of the company’s stock.
Hedge Funds Weigh In On PC Connection
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi purchased a new stake in shares of PC Connection during the first quarter worth approximately $519,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in PC Connection by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company’s stock worth $431,000 after acquiring an additional 312 shares in the last quarter. Millennium Management LLC grew its holdings in PC Connection by 98.8% during the 1st quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock worth $7,193,000 after acquiring an additional 57,257 shares in the last quarter. Invesco Ltd. increased its position in shares of PC Connection by 2.4% in the 2nd quarter. Invesco Ltd. now owns 179,487 shares of the company’s stock valued at $11,807,000 after purchasing an additional 4,146 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of PC Connection by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.
About PC Connection
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.
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