PC Connection (NASDAQ:CNXN) Shares Up 1.2% – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN) shares shot up 1.2% on Thursday . The company traded as high as $71.44 and last traded at $71.20. 8,328 shares changed hands during trading, a decline of 90% from the average session volume of 80,108 shares. The stock had previously closed at $70.38.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday.

PC Connection Price Performance

The firm’s 50 day moving average is $72.28 and its 200 day moving average is $68.95. The firm has a market cap of $1.88 billion, a P/E ratio of 21.00, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63.

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 0.56%. The ex-dividend date of this dividend is Tuesday, November 12th. PC Connection’s payout ratio is currently 11.73%.

Institutional Trading of PC Connection

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Martingale Asset Management L P raised its stake in shares of PC Connection by 0.4% in the third quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock valued at $2,798,000 after acquiring an additional 140 shares during the period. Amalgamated Bank raised its stake in shares of PC Connection by 4.6% in the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock valued at $266,000 after acquiring an additional 154 shares during the period. New York State Teachers Retirement System raised its stake in shares of PC Connection by 4.9% in the third quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock valued at $348,000 after acquiring an additional 216 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of PC Connection by 5.3% in the third quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock valued at $453,000 after acquiring an additional 300 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of PC Connection in the third quarter valued at $28,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

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.