Short Interest in PC Connection, Inc. (NASDAQ:CNXN) Drops By 6.1%

PC Connection, Inc. (NASDAQ:CNXN) was the target of a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 285,700 shares, a decline of 6.1% from the August 31st total of 304,300 shares. Approximately 2.4% of the company’s shares are sold short. Based on an average trading volume of 101,000 shares, the days-to-cover ratio is presently 2.8 days.

Insider Activity

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 277,691 shares of the company’s stock, valued at approximately $19,488,354.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 56.90% of the stock is owned by company insiders.

Institutional Trading of PC Connection

Several large investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its holdings in shares of PC Connection by 23.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after purchasing an additional 240,312 shares in the last quarter. American Century Companies Inc. raised its holdings in PC Connection by 31.1% during the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after buying an additional 62,398 shares in the last quarter. Millennium Management LLC raised its holdings in PC Connection by 108.0% during the second quarter. Millennium Management LLC now owns 64,774 shares of the company’s stock valued at $4,158,000 after buying an additional 33,626 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of PC Connection by 319.4% in the second quarter. Victory Capital Management Inc. now owns 37,458 shares of the company’s stock worth $2,405,000 after buying an additional 28,526 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of PC Connection during the 1st quarter worth about $1,701,000. 42.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

PC Connection Stock Performance

PC Connection stock opened at $75.26 on Monday. PC Connection has a twelve month low of $51.63 and a twelve month high of $77.19. The firm has a market cap of $1.98 billion, a PE ratio of 24.12, a P/E/G ratio of 2.08 and a beta of 0.62. The firm’s 50 day moving average price is $70.88 and its two-hundred day moving average price is $66.94.

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

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 13th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.53%. PC Connection’s payout ratio is 12.82%.

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.