PC Connection, Inc. (NASDAQ:CNXN) Sees Large Drop in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) saw a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 200,000 shares, a decrease of 8.0% from the January 15th total of 217,400 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average daily volume of 75,600 shares, the days-to-cover ratio is currently 2.6 days.

Analyst Ratings Changes

Separately, StockNews.com raised shares of PC Connection from a “hold” rating to a “buy” rating in a research report on Thursday, November 28th.

PC Connection Trading Up 0.6 %

PC Connection stock traded up $0.41 during trading hours on Monday, reaching $65.69. 60,279 shares of the stock were exchanged, compared to its average volume of 75,702. The company has a market cap of $1.73 billion, a P/E ratio of 19.97, a price-to-earnings-growth ratio of 1.87 and a beta of 0.67. PC Connection has a twelve month low of $57.47 and a twelve month high of $77.19. The stock has a 50 day moving average of $70.23 and a two-hundred day moving average of $71.20.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). PC Connection had a return on equity of 9.74% and a net margin of 3.11%. During the same quarter last year, the company earned $0.90 EPS. On average, analysts expect that PC Connection will post 3.43 earnings per share for the current fiscal year.

PC Connection Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, February 25th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.91%. This is an increase from PC Connection’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, February 25th. PC Connection’s dividend payout ratio is presently 12.16%.

Insider Activity

In related news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 71,750 shares of the company’s stock, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 56.90% of the company’s stock.

Institutional Investors Weigh In On PC Connection

A number of large investors have recently bought and sold shares of CNXN. Hotchkis & Wiley Capital Management LLC acquired a new stake in PC Connection during the third quarter worth about $3,675,000. Allspring Global Investments Holdings LLC boosted its stake in shares of PC Connection by 34.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock valued at $10,552,000 after purchasing an additional 35,505 shares in the last quarter. State Street Corp boosted its stake in shares of PC Connection by 7.4% in 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. Lazard Asset Management LLC boosted its stake in shares of PC Connection by 131.3% in the 4th quarter. Lazard Asset Management LLC now owns 41,687 shares of the company’s stock valued at $2,887,000 after purchasing an additional 23,667 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of PC Connection by 25.6% in the 4th quarter. Teacher Retirement System of Texas now owns 115,111 shares of the company’s stock valued at $7,974,000 after purchasing an additional 23,497 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

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.