PC Connection (NASDAQ:CNXN) Trading Up 7.7% Following Better-Than-Expected Earnings

PC Connection, Inc. (NASDAQ:CNXN) traded up 7.7% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $67.54 and last traded at $66.81. 65,507 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 96,303 shares. The stock had previously closed at $62.04.

The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.42 by $0.18. PC Connection had a net margin of 3.11% and a return on equity of 9.74%. The firm had revenue of $701.05 million for the quarter, compared to the consensus estimate of $646.37 million.

PC Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.88%. PC Connection’s dividend payout ratio (DPR) is currently 18.18%.

Analysts Set New Price Targets

Separately, StockNews.com raised PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in PC Connection by 22.8% in the 1st quarter. Victory Capital Management Inc. now owns 64,686 shares of the company’s stock worth $4,038,000 after acquiring an additional 12,018 shares during the last quarter. CWM LLC boosted its holdings in shares of PC Connection by 67.4% during the first quarter. CWM LLC now owns 1,637 shares of the company’s stock worth $102,000 after purchasing an additional 659 shares during the period. Principal Financial Group Inc. grew its stake in shares of PC Connection by 2.7% in the first quarter. Principal Financial Group Inc. now owns 65,537 shares of the company’s stock worth $4,091,000 after purchasing an additional 1,695 shares during the last quarter. SG Americas Securities LLC purchased a new position in PC Connection during the 1st quarter valued at about $339,000. Finally, GAMMA Investing LLC raised its position in PC Connection by 333.4% during the 1st quarter. GAMMA Investing LLC now owns 2,167 shares of the company’s stock valued at $135,000 after purchasing an additional 1,667 shares during the last quarter. Institutional investors own 42.85% of the company’s stock.

PC Connection Trading Up 2.5 %

The firm has a market cap of $1.76 billion, a PE ratio of 20.69, a PEG ratio of 1.96 and a beta of 0.67. The firm has a fifty day simple moving average of $61.90 and a two-hundred day simple moving average of $67.52.

About PC Connection

PC Connection, Inc, together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.