20,113 Shares in PC Connection, Inc. $CNXN Bought by Susquehanna Fundamental Investments LLC

Key Points

• Susquehanna Fundamental Investments purchased 20,113 shares of PC Connection, valued at approximately $1.47 million, giving it a 0.08% stake. Institutional investors and hedge funds collectively own 42.85% of the company.
• PC Connection reported quarterly earnings of $1.31 per share, beating estimates of $1.00, while revenue reached $854 million versus expectations of $764.79 million.
• The stock opened at $80.07, and analysts maintain a “Strong Buy” consensus. The company also pays a quarterly dividend of $0.20, equivalent to a 1.0% annual yield.

Susquehanna Fundamental Investments LLC purchased a new stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 20,113 shares of the company's stock, valued at approximately $1,468,000. Susquehanna Fundamental Investments LLC owned about 0.08% of PC Connection as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of CNXN. EverSource Wealth Advisors LLC lifted its holdings in shares of PC Connection by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company's stock worth $38,000 after purchasing an additional 500 shares during the period. PNC Financial Services Group Inc. increased its holdings in PC Connection by 196.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company's stock worth $39,000 after buying an additional 417 shares during the period. Parallel Advisors LLC increased its holdings in PC Connection by 200.4% in the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company's stock worth $41,000 after buying an additional 473 shares during the period. Meeder Asset Management Inc. purchased a new position in PC Connection during the 1st quarter worth approximately $44,000. Finally, Quarry LP purchased a new position in PC Connection during the 3rd quarter worth approximately $75,000. 42.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Patricia Gallup sold 7,384 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44. Following the sale, the chairman directly owned 7,027,747 shares of the company's stock, valued at approximately $505,365,286.77. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 42,876 shares of company stock valued at $3,226,800. Insiders own 56.60% of the company's stock.

PC Connection Stock Up 0.3%

Shares of CNXN opened at $80.07 on Wednesday. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 1.91 and a beta of 0.86. PC Connection, Inc. has a 52 week low of $54.97 and a 52 week high of $88.31. The stock's 50-day moving average price is $78.82 and its 200-day moving average price is $69.23.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.31. PC Connection had a return on equity of 10.90% and a net margin of 3.21%.The company had revenue of $854.00 million during the quarter, compared to analysts' expectations of $764.79 million. As a group, equities analysts anticipate that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Tuesday, August 11th. PC Connection's payout ratio is currently 21.16%.

Analysts Set New Price Targets

Several brokerages have commented on CNXN. Weiss Ratings upgraded shares of PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. Zacks Research raised shares of PC Connection from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Strong Buy".

PC Connection Company Profile

PC Connection, Inc NASDAQ: CNXN, now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection's product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.

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