PC Connection (NASDAQ:CNXN) Sets New 1-Year High – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $80.64 and last traded at $79.78, with a volume of 136907 shares changing hands. The stock had previously closed at $78.97.

Wall Street Analyst Weigh In

CNXN has been the subject of a number of research reports. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings upgraded PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, PC Connection currently has a consensus rating of “Moderate Buy”.

PC Connection Stock Performance

The firm has a market capitalization of $2.01 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 2.01 and a beta of 0.88. The stock’s 50 day simple moving average is $71.07 and its two-hundred day simple moving average is $64.46.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $696.09 million. Equities research analysts expect that PC Connection, Inc. will post 3.93 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The business also recently disclosed 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 of this dividend was Tuesday, May 12th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. PC Connection’s payout ratio is 23.26%.

Insider Transactions at PC Connection

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $72.86, for a total value of $520,366.12. Following the completion of the sale, the chairman directly owned 7,006,321 shares of the company’s stock, valued at $510,480,548.06. This trade represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 28,592 shares of company stock valued at $2,048,512. 56.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PC Connection

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in PC Connection by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company’s stock worth $89,237,000 after purchasing an additional 4,345 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 10,218 shares during the period. Geode Capital Management LLC grew its stake in shares of PC Connection by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 377,001 shares of the company’s stock valued at $21,777,000 after buying an additional 2,945 shares during the period. Invesco Ltd. grew its stake in shares of PC Connection by 22.1% in the 4th quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock valued at $12,662,000 after buying an additional 39,716 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in shares of PC Connection by 71.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock worth $10,264,000 after buying an additional 68,906 shares during the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Company 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.