OP Asset Management Ltd Purchases Shares of 11,742 PC Connection, Inc. $CNXN

OP Asset Management Ltd acquired a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,742 shares of the company’s stock, valued at approximately $686,000.

A number of other institutional investors also recently modified their holdings of CNXN. JPMorgan Chase & Co. grew its position in PC Connection by 63.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 46,021 shares of the company’s stock worth $2,853,000 after acquiring an additional 17,808 shares during the last quarter. Teacher Retirement System of Texas raised its position in PC Connection by 12.0% in the 4th 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 last quarter. Vanguard Group Inc. raised its position in PC Connection by 1.0% in the 4th 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 last quarter. SG Americas Securities LLC raised its position in PC Connection by 88.1% in the 4th quarter. SG Americas Securities LLC now owns 28,495 shares of the company’s stock valued at $1,646,000 after purchasing an additional 13,343 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in PC Connection by 11.2% in the fourth quarter. Royce & Associates LP now owns 79,288 shares of the company’s stock worth $4,580,000 after purchasing an additional 7,996 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.

PC Connection Trading Up 1.0%

Shares of CNXN stock opened at $72.99 on Wednesday. PC Connection, Inc. has a 1 year low of $54.97 and a 1 year high of $75.00. The firm’s 50 day moving average is $67.88 and its 200-day moving average is $62.86. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 21.22, a PEG ratio of 1.84 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The business had revenue of $721.87 million during the quarter, compared to analyst estimates of $696.09 million. On average, equities research analysts forecast that PC Connection, Inc. will post 3.93 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 12th. PC Connection’s dividend payout ratio (DPR) is 23.26%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CNXN. Weiss Ratings upgraded PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Insider Activity at PC Connection

In other news, Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $69.73, for a total transaction of $498,011.66. Following the completion of the sale, the chairman owned 7,020,605 shares in the company, valued at $489,546,786.65. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 21,450 shares of company stock valued at $1,528,146. 56.60% of the stock is currently owned by company 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.