PC Connection (NASDAQ:CNXN) Cut to Hold at StockNews.com

StockNews.com downgraded shares of PC Connection (NASDAQ:CNXN) from a buy rating to a hold rating in a research report report published on Wednesday morning.

PC Connection Trading Up 1.4 %

CNXN opened at $72.74 on Wednesday. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 21.25, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63. The stock has a fifty day simple moving average of $72.29 and a two-hundred day simple moving average of $68.97. PC Connection has a 12-month low of $57.47 and a 12-month high of $77.19.

PC Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.55%. The ex-dividend date is Tuesday, November 12th. PC Connection’s payout ratio is currently 11.73%.

Insiders Place Their Bets

In other news, Director Negrini David Beffa sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the sale, the director now directly owns 71,750 shares of the company’s stock, valued at $5,022,500. The trade was a 6.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 56.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its holdings in shares of PC Connection by 23.6% during the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after acquiring an additional 240,312 shares in the last quarter. Vanguard Group Inc. grew its position in PC Connection by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock valued at $68,625,000 after purchasing an additional 14,838 shares during the last quarter. State Street Corp increased its stake in PC Connection by 7.4% during the 3rd 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 in the last quarter. Geode Capital Management LLC raised its holdings in PC Connection by 7.2% in the third quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock worth $26,113,000 after buying an additional 23,358 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of PC Connection by 31.1% in the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after buying an additional 62,398 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

About PC Connection

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.