Algert Global LLC Sells 3,890 Shares of PC Connection, Inc. $CNXN

Key Points

• Algert Global LLC reduced its stake in PC Connection, Inc. by 32.6%, holding 8,028 shares worth $501,000 after selling 3,890 shares.
• PC Connection reported quarterly earnings of $0.97 per share, exceeding estimates, but revenue was below expectations at $759.69 million.
• The company declared a quarterly dividend of $0.15 per share, with a dividend yield of 0.9% and a payout ratio of 18.29%.

Algert Global LLC decreased its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 32.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,028 shares of the company's stock after selling 3,890 shares during the period. Algert Global LLC's holdings in PC Connection were worth $501,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its stake in PC Connection by 23,450.0% in the 1st quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock valued at $30,000 after purchasing an additional 469 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in PC Connection by 6,900.0% in the 1st quarter. Russell Investments Group Ltd. now owns 980 shares of the company's stock valued at $61,000 after purchasing an additional 966 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in PC Connection by 143.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock valued at $77,000 after purchasing an additional 657 shares during the last quarter. CWM LLC lifted its stake in PC Connection by 67.4% in the 1st quarter. CWM LLC now owns 1,637 shares of the company's stock valued at $102,000 after purchasing an additional 659 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in PC Connection by 333.4% in the 1st quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock valued at $135,000 after purchasing an additional 1,667 shares during the last quarter. Institutional investors own 42.85% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of PC Connection from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd.

PC Connection Stock Up 0.1%

Shares of CNXN stock traded up $0.07 during trading hours on Friday, hitting $64.21. 76,314 shares of the company's stock traded hands, compared to its average volume of 84,628. The stock's 50 day simple moving average is $64.36 and its 200 day simple moving average is $64.08. The stock has a market cap of $1.63 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of 1.83 and a beta of 0.72. PC Connection, Inc. has a 12 month low of $56.72 and a 12 month high of $77.19.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.06. The firm had revenue of $759.69 million during the quarter, compared to the consensus estimate of $774.66 million. PC Connection had a net margin of 2.97% and a return on equity of 9.74%. As a group, equities research analysts expect that PC Connection, Inc. will post 3.33 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Tuesday, August 12th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 12th. PC Connection's dividend payout ratio (DPR) is currently 18.29%.

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.