Algert Global LLC Buys New Shares in PC Connection, Inc. (NASDAQ:CNXN)

Algert Global LLC bought a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,620 shares of the company’s stock, valued at approximately $650,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of PC Connection by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock valued at $68,625,000 after purchasing an additional 14,838 shares during the period. Lazard Asset Management LLC lifted its position in shares of PC Connection by 15,593.3% in the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock valued at $155,000 after buying an additional 2,339 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of PC Connection by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock worth $534,000 after acquiring an additional 499 shares during the period. Summit Global Investments acquired a new position in shares of PC Connection during the 2nd quarter worth approximately $505,000. Finally, Bailard Inc. bought a new stake in PC Connection in the 2nd quarter valued at $494,000. 42.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 71,750 shares of the company’s stock, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 56.90% of the stock is currently owned by insiders.

PC Connection Stock Performance

Shares of CNXN opened at $72.58 on Friday. The firm’s 50-day simple moving average is $72.18 and its 200 day simple moving average is $69.30. The firm has a market cap of $1.91 billion, a P/E ratio of 21.45, a price-to-earnings-growth ratio of 2.16 and a beta of 0.63. PC Connection, Inc. has a 52 week low of $57.47 and a 52 week high of $77.19.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.55%. PC Connection’s dividend payout ratio (DPR) is currently 11.73%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a report on Thursday.

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.