PC Connection (NASDAQ:CNXN) Shares Up 1.6% – Here’s What Happened

Shares of PC Connection, Inc. (NASDAQ:CNXN) rose 1.6% during mid-day trading on Monday . The company traded as high as $74.21 and last traded at $73.91. Approximately 8,925 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 79,910 shares. The stock had previously closed at $72.74.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

PC Connection Stock Down 0.9 %

The company has a 50 day simple moving average of $72.26 and a two-hundred day simple moving average of $69.25. The company has a market capitalization of $1.92 billion, a P/E ratio of 21.36, a PEG ratio of 2.17 and a beta of 0.63.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. PC Connection’s dividend payout ratio (DPR) is presently 11.73%.

Insider Activity at PC Connection

In other PC Connection news, Director Negrini David Beffa sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 56.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PC Connection

Several institutional investors have recently made changes to their positions in CNXN. Vanguard Group Inc. boosted its stake in shares of PC Connection by 1.4% during the first 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 in the last quarter. Lazard Asset Management LLC raised its position in shares of PC Connection by 15,593.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after acquiring an additional 2,339 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of PC Connection by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock worth $534,000 after purchasing an additional 499 shares during the last quarter. Summit Global Investments purchased a new stake in shares of PC Connection during the 2nd quarter worth $505,000. Finally, Bailard Inc. bought a new stake in PC Connection during the second quarter valued at about $494,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

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.