PC Connection, Inc. $CNXN Position Reduced by Geode Capital Management LLC

Geode Capital Management LLC lowered its stake in PC Connection, Inc. (NASDAQ:CNXN) by 0.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 370,548 shares of the company’s stock after selling 3,054 shares during the period. Geode Capital Management LLC’s holdings in PC Connection were worth $24,376,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in PC Connection in the first quarter worth about $279,000. XTX Topco Ltd acquired a new position in shares of PC Connection in the 1st quarter worth approximately $1,263,000. US Bancorp DE grew its position in shares of PC Connection by 481.4% in the 1st quarter. US Bancorp DE now owns 2,901 shares of the company’s stock worth $181,000 after acquiring an additional 2,402 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of PC Connection by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 1,128,524 shares of the company’s stock valued at $70,442,000 after acquiring an additional 10,235 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of PC Connection by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,870 shares of the company’s stock valued at $15,784,000 after acquiring an additional 1,149 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on CNXN shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PC Connection in a report on Wednesday, November 19th. Zacks Research lowered shares of PC Connection from a “hold” rating to a “strong sell” rating in a report on Friday, October 31st. Finally, Wall Street Zen lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

PC Connection Stock Performance

Shares of CNXN opened at $58.00 on Friday. The firm has a fifty day moving average of $59.99 and a 200-day moving average of $63.14. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 1.74 and a beta of 0.74. PC Connection, Inc. has a 1 year low of $54.97 and a 1 year high of $75.84.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.04). The firm had revenue of $709.07 million during the quarter, compared to analyst estimates of $749.81 million. PC Connection had a return on equity of 9.64% and a net margin of 2.91%. Analysts predict that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Tuesday, November 11th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, November 10th. PC Connection’s payout ratio is 18.58%.

PC Connection Profile

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.