Squarepoint Ops LLC Has $362,000 Position in PC Connection, Inc. (NASDAQ:CNXN)

Squarepoint Ops LLC lifted its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 18.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,638 shares of the company’s stock after purchasing an additional 880 shares during the period. Squarepoint Ops LLC’s holdings in PC Connection were worth $362,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Innealta Capital LLC bought a new position in PC Connection in the 2nd quarter worth approximately $60,000. Lazard Asset Management LLC increased its position in PC Connection by 15,593.3% during the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after acquiring an additional 2,339 shares during the period. Acadian Asset Management LLC acquired a new position in PC Connection during the 1st quarter valued at $281,000. Hsbc Holdings PLC boosted its holdings in PC Connection by 11.3% in the 2nd quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock valued at $366,000 after purchasing an additional 582 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in PC Connection by 3.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock worth $428,000 after purchasing an additional 211 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

Insider Activity

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the stock in a transaction dated 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 $19,488,354.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 56.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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 Trading Down 1.5 %

Shares of CNXN stock opened at $72.92 on Friday. PC Connection, Inc. has a 12 month low of $51.63 and a 12 month high of $77.19. The company has a market capitalization of $1.92 billion, a P/E ratio of 23.37, a P/E/G ratio of 2.08 and a beta of 0.62. The stock has a 50 day moving average of $71.65 and a two-hundred day moving average of $67.46.

PC Connection (NASDAQ:CNXN) last issued its earnings results on Wednesday, July 31st. The company reported $1.00 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 firm had revenue of $736.48 million during the quarter, compared to analysts’ expectations of $703.50 million. Sell-side analysts predict that PC Connection, Inc. will post 3.52 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. PC Connection’s dividend payout ratio (DPR) is currently 12.82%.

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.