Summit Global Investments Buys 2,581 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Summit Global Investments lifted its position in PC Connection, Inc. (NASDAQ:CNXN) by 32.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 10,443 shares of the company’s stock after acquiring an additional 2,581 shares during the period. Summit Global Investments’ holdings in PC Connection were worth $788,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in PC Connection by 23.6% in the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after acquiring an additional 240,312 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of PC Connection by 31.1% in the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after purchasing an additional 62,398 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of PC Connection by 34.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock valued at $10,552,000 after purchasing an additional 35,505 shares during the period. Millennium Management LLC grew 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 worth $4,158,000 after purchasing an additional 33,626 shares during the period. Finally, Victory Capital Management Inc. increased its position in PC Connection by 319.4% during 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. 42.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

PC Connection Price Performance

CNXN stock opened at $73.16 on Friday. PC Connection, Inc. has a one year low of $57.47 and a one year high of $77.19. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 2.22 and a beta of 0.63. The company has a fifty day moving average price of $72.13 and a two-hundred day moving average price of $68.47.

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Tuesday, November 12th. PC Connection’s payout ratio is 11.73%.

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.