PC Connection, Inc. $CNXN Shares Purchased by SG Americas Securities LLC

SG Americas Securities LLC increased its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 115.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 61,407 shares of the company’s stock after acquiring an additional 32,912 shares during the period. SG Americas Securities LLC owned approximately 0.24% of PC Connection worth $3,590,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNXN. EverSource Wealth Advisors LLC raised its position in PC Connection by 625.0% in the second 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 period. PNC Financial Services Group Inc. increased its position in shares of PC Connection by 196.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after purchasing an additional 417 shares during the last quarter. Quarry LP acquired a new stake in shares of PC Connection during the 3rd quarter worth about $75,000. Russell Investments Group Ltd. raised its holdings in PC Connection by 194.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,411 shares of the company’s stock valued at $87,000 after buying an additional 931 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in PC Connection by 535.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,601 shares of the company’s stock valued at $105,000 after buying an additional 1,349 shares during the period. Institutional investors and hedge funds own 42.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CNXN shares. Wall Street Zen raised shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Insider Transactions at PC Connection

In other news, Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $69.73, for a total transaction of $498,011.66. Following the sale, the chairman owned 7,020,605 shares of the company’s stock, valued at approximately $489,546,786.65. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 21,450 shares of company stock worth $1,528,146 in the last 90 days. 56.60% of the stock is owned by corporate insiders.

PC Connection Trading Up 1.0%

Shares of NASDAQ CNXN opened at $72.99 on Wednesday. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $75.00. The stock has a fifty day simple moving average of $67.88 and a 200-day simple moving average of $62.86. The stock has a market capitalization of $1.84 billion, a PE ratio of 21.22, a PEG ratio of 1.84 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. PC Connection had a return on equity of 10.17% and a net margin of 3.02%.The firm had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. On average, equities analysts predict that PC Connection, Inc. will post 3.93 earnings per share for the current year.

PC Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. PC Connection’s dividend payout ratio is 23.26%.

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.