PC Connection, Inc. (NASDAQ:CNXN) Sees Significant Increase in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 370,800 shares, a growth of 64.6% from the February 13th total of 225,300 shares. Based on an average trading volume of 95,800 shares, the short-interest ratio is currently 3.9 days. Approximately 3.7% of the shares of the company are sold short.

PC Connection Stock Performance

Shares of CNXN stock traded up $0.72 during mid-day trading on Friday, hitting $60.51. 133,642 shares of the stock traded hands, compared to its average volume of 103,966. PC Connection has a twelve month low of $57.47 and a twelve month high of $77.19. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 1.96 and a beta of 0.61. The company’s 50-day simple moving average is $67.43 and its 200-day simple moving average is $70.39.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.12). PC Connection had a net margin of 3.11% and a return on equity of 9.74%. During the same period last year, the firm earned $0.90 EPS. Analysts forecast that PC Connection will post 3.33 earnings per share for the current year.

PC Connection Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, February 25th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, February 25th. This is a boost from PC Connection’s previous quarterly dividend of $0.10. This represents a $0.60 annualized dividend and a dividend yield of 0.99%. PC Connection’s dividend payout ratio (DPR) is 18.24%.

Hedge Funds Weigh In On PC Connection

Several hedge funds have recently modified their holdings of CNXN. Martingale Asset Management L P grew its holdings in shares of PC Connection by 0.4% in the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock worth $2,798,000 after acquiring an additional 140 shares during the last quarter. Amalgamated Bank grew its holdings in shares of PC Connection by 4.6% in the 3rd quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after acquiring an additional 154 shares during the last quarter. Ieq Capital LLC grew its holdings in shares of PC Connection by 3.5% in the 4th quarter. Ieq Capital LLC now owns 6,596 shares of the company’s stock worth $457,000 after acquiring an additional 224 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of PC Connection by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,588 shares of the company’s stock worth $456,000 after acquiring an additional 234 shares during the last quarter. Finally, EntryPoint Capital LLC grew its holdings in shares of PC Connection by 8.3% in the 4th quarter. EntryPoint Capital LLC now owns 3,220 shares of the company’s stock worth $223,000 after acquiring an additional 248 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.