PC Connection, Inc. (NASDAQ:CNXN) Short Interest Down 15.5% in October

PC Connection, Inc. (NASDAQ:CNXN) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 215,200 shares, a decline of 15.5% from the October 15th total of 254,600 shares. Currently, 1.8% of the shares of the company are sold short. Based on an average trading volume of 89,100 shares, the short-interest ratio is presently 2.4 days.

Analyst Ratings Changes

Separately, StockNews.com upgraded PC Connection from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 29th.

PC Connection Stock Performance

NASDAQ CNXN traded down $1.21 during mid-day trading on Friday, reaching $70.15. 72,653 shares of the stock were exchanged, compared to its average volume of 75,568. The company has a market capitalization of $1.84 billion, a P/E ratio of 20.57, a P/E/G ratio of 2.07 and a beta of 0.63. The business’s 50 day moving average is $72.27 and its 200-day moving average is $68.80. PC Connection has a 1 year low of $57.47 and a 1 year high of $77.19.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Tuesday, November 12th. PC Connection’s payout ratio is presently 11.73%.

Hedge Funds Weigh In On PC Connection

A number of large investors have recently added to or reduced their stakes in CNXN. Geode Capital Management LLC increased its stake in shares of PC Connection by 7.2% during the third quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock worth $26,113,000 after purchasing an additional 23,358 shares in the last quarter. Barclays PLC grew its holdings in PC Connection by 178.7% in the 3rd quarter. Barclays PLC now owns 36,002 shares of the company’s stock valued at $2,717,000 after buying an additional 23,084 shares in the last quarter. Jane Street Group LLC boosted its holdings in PC Connection by 195.9% in the 3rd quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after purchasing an additional 15,916 shares during the last quarter. State Street Corp raised its position in PC Connection by 7.4% in the third quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after purchasing an additional 34,248 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in PC Connection in the third quarter valued at about $28,000. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Company 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.