PC Connection, Inc. (NASDAQ:CNXN) Short Interest Update

PC Connection, Inc. (NASDAQ:CNXN) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 304,300 shares, a growth of 10.4% from the August 15th total of 275,600 shares. Currently, 2.5% of the company’s shares are sold short. Based on an average trading volume of 94,900 shares, the days-to-cover ratio is currently 3.2 days.

PC Connection Price Performance

NASDAQ CNXN traded down $0.62 during trading hours on Wednesday, hitting $73.84. The company’s stock had a trading volume of 81,324 shares, compared to its average volume of 77,943. The company has a market cap of $1.95 billion, a P/E ratio of 23.67, a price-to-earnings-growth ratio of 2.00 and a beta of 0.62. The company’s 50 day simple moving average is $69.30 and its two-hundred day simple moving average is $66.41. PC Connection has a 12 month low of $51.63 and a 12 month high of $76.39.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. The business had revenue of $736.48 million during the quarter, compared to the consensus estimate of $703.50 million. PC Connection had a net margin of 3.22% and a return on equity of 10.51%. As a group, research analysts predict that PC Connection will post 3.55 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were given a $0.10 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.54%. PC Connection’s payout ratio is 12.82%.

Insider Buying and Selling

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the sale, the chief executive officer now owns 277,691 shares in the company, valued at $19,488,354.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 56.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PC Connection

Hedge funds and other institutional investors have recently made changes to their positions in the business. Innealta Capital LLC purchased a new position in PC Connection during the second quarter valued at $60,000. Lazard Asset Management LLC grew its stake in shares of PC Connection by 15,593.3% during the 1st quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock valued at $155,000 after acquiring an additional 2,339 shares during the period. Acadian Asset Management LLC bought a new stake in PC Connection during the 1st quarter worth approximately $281,000. Truist Financial Corp purchased a new position in PC Connection during the fourth quarter valued at approximately $352,000. Finally, Squarepoint Ops LLC boosted its position in shares of PC Connection by 18.5% in the second quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock worth $362,000 after purchasing an additional 880 shares during the period. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.