Rhumbline Advisers Sells 10,452 Shares of PC Connection, Inc. $CNXN

Rhumbline Advisers lessened its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 10.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,408 shares of the company’s stock after selling 10,452 shares during the quarter. Rhumbline Advisers owned about 0.35% of PC Connection worth $5,542,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in PC Connection by 625.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of PC Connection by 535.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,601 shares of the company’s stock worth $105,000 after buying an additional 1,349 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of PC Connection during the third quarter worth approximately $159,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of PC Connection during the second quarter worth approximately $202,000. Finally, Aristides Capital LLC acquired a new position in PC Connection in the second quarter valued at approximately $228,000. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Stock Performance

Shares of NASDAQ:CNXN opened at $59.69 on Tuesday. The company has a 50 day moving average price of $59.96 and a two-hundred day moving average price of $60.69. The company has a market capitalization of $1.51 billion, a PE ratio of 18.25, a PEG ratio of 1.64 and a beta of 0.83. PC Connection, Inc. has a 52 week low of $54.97 and a 52 week high of $71.17.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. PC Connection had a net margin of 2.91% and a return on equity of 9.87%. The company had revenue of $702.94 million during the quarter, compared to analyst estimates of $735.49 million. On average, sell-side analysts forecast that PC Connection, Inc. will post 3.33 earnings per share for the current year.

PC Connection Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from PC Connection’s previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a yield of 1.3%. PC Connection’s payout ratio is presently 24.46%.

Wall Street Analysts Forecast Growth

CNXN has been the subject of a number of analyst reports. Zacks Research raised shares of PC Connection from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Weiss Ratings reissued a “hold (c)” rating on shares of PC Connection in a research note on Monday, December 29th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold”.

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.