PC Connection, Inc. (NASDAQ:CNXN) Short Interest Down 15.5% in October

PC Connection, Inc. (NASDAQ:CNXN) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 215,200 shares, a decline of 15.5% from the October 15th total of 254,600 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average daily trading volume, of 89,100 shares, the days-to-cover ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On PC Connection

A number of large investors have recently added to or reduced their stakes in CNXN. Point72 DIFC Ltd purchased a new position in PC Connection in the 3rd quarter valued at about $28,000. Signaturefd LLC lifted its stake in shares of PC Connection by 328.1% in the third quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after acquiring an additional 374 shares in the last quarter. Innealta Capital LLC purchased a new position in PC Connection in the second quarter valued at about $60,000. CWM LLC grew its stake in PC Connection by 125.5% during the 3rd quarter. CWM LLC now owns 850 shares of the company’s stock valued at $64,000 after purchasing an additional 473 shares in the last quarter. Finally, nVerses Capital LLC increased its holdings in PC Connection by 1,000.0% during the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock worth $83,000 after purchasing an additional 1,000 shares during the last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

PC Connection Price Performance

PC Connection stock traded down $0.45 during midday trading on Monday, hitting $69.70. 61,933 shares of the company were exchanged, compared to its average volume of 80,718. PC Connection has a fifty-two week low of $57.47 and a fifty-two week high of $77.19. The company’s fifty day moving average price is $72.27 and its 200-day moving average price is $68.88. The company has a market cap of $1.83 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63.

PC Connection Dividend Announcement

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 paid 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 0.57%. PC Connection’s dividend payout ratio (DPR) is presently 11.73%.

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.