PC Connection (NASDAQ:CNXN) Reaches New 1-Year High at $76.85

PC Connection, Inc. (NASDAQ:CNXN) shares hit a new 52-week high on Thursday . The stock traded as high as $76.85 and last traded at $76.54, with a volume of 109673 shares trading hands. The stock had previously closed at $73.69.

Analysts Set New Price Targets

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

PC Connection Price Performance

The stock has a market capitalization of $1.98 billion, a P/E ratio of 24.12, a PEG ratio of 2.10 and a beta of 0.62. The stock’s fifty day moving average is $70.88 and its 200-day moving average is $66.92.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results 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. The company had revenue of $736.48 million during the quarter, compared to the consensus estimate of $703.50 million. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. On average, research analysts expect that PC Connection, Inc. will post 3.55 EPS for the current year.

PC Connection Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.53%. PC Connection’s dividend payout ratio (DPR) is presently 12.82%.

Insider Transactions at PC Connection

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

Institutional Trading of PC Connection

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new stake in shares of PC Connection in the second quarter valued at approximately $60,000. Lazard Asset Management LLC raised its stake in PC Connection by 15,593.3% during the 1st quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock valued at $155,000 after purchasing an additional 2,339 shares during the last quarter. Acadian Asset Management LLC bought a new stake in PC Connection in the 1st quarter valued at $281,000. Squarepoint Ops LLC grew its position in PC Connection by 18.5% in the 2nd quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock worth $362,000 after purchasing an additional 880 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of PC Connection by 11.3% during the 2nd quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock worth $366,000 after purchasing an additional 582 shares during the period. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.