PC Connection (NASDAQ:CNXN) Trading 3.1% Higher – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN)’s stock price traded up 3.1% during trading on Tuesday . The stock traded as high as $61.64 and last traded at $62.00. 9,323 shares were traded during mid-day trading, a decline of 89% from the average session volume of 81,197 shares. The stock had previously closed at $60.13.

Analyst Upgrades and Downgrades

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

PC Connection Stock Up 1.4 %

The company has a 50 day moving average of $66.93 and a 200 day moving average of $70.17. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 1.96 and a beta of 0.61.

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 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 posted $0.90 EPS. As a group, equities research analysts expect that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, February 25th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, February 25th. This represents a $0.60 annualized dividend and a yield of 0.96%. This is a boost from PC Connection’s previous quarterly dividend of $0.10. PC Connection’s dividend payout ratio is presently 18.24%.

Institutional Trading of PC Connection

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. raised its stake in PC Connection by 27.5% during the third quarter. Victory Capital Management Inc. now owns 47,772 shares of the company’s stock valued at $3,603,000 after buying an additional 10,314 shares in the last quarter. Geode Capital Management LLC raised its stake in PC Connection by 7.2% during the third quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock valued at $26,113,000 after buying an additional 23,358 shares in the last quarter. Jane Street Group LLC raised its stake in PC Connection by 195.9% during the third quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after buying an additional 15,916 shares in the last quarter. State Street Corp raised its stake in PC Connection by 7.4% during the third quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after buying an additional 34,248 shares in the last quarter. Finally, Barclays PLC raised its position in shares of PC Connection by 178.7% during the 3rd quarter. Barclays PLC now owns 36,002 shares of the company’s stock worth $2,717,000 after purchasing an additional 23,084 shares during the period. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.