Allspring Global Investments Holdings LLC Sells 17,572 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Allspring Global Investments Holdings LLC lowered its stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 13.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,513 shares of the company's stock after selling 17,572 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.42% of PC Connection worth $6,847,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CNXN. Farther Finance Advisors LLC boosted its position in PC Connection by 23,450.0% during the first quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock worth $30,000 after purchasing an additional 469 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of PC Connection in the fourth quarter valued at approximately $40,000. Public Employees Retirement System of Ohio boosted its position in shares of PC Connection by 143.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock valued at $77,000 after acquiring an additional 657 shares during the period. GAMMA Investing LLC boosted its position in shares of PC Connection by 333.4% in the first quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock valued at $135,000 after acquiring an additional 1,667 shares during the period. Finally, Graham Capital Management L.P. bought a new stake in shares of PC Connection in the fourth quarter valued at approximately $202,000. Institutional investors own 42.85% of the company's stock.

PC Connection Trading Up 0.5%

CNXN stock traded up $0.31 during midday trading on Friday, hitting $67.28. The stock had a trading volume of 25,627 shares, compared to its average volume of 99,421. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 20.39, a P/E/G ratio of 1.94 and a beta of 0.69. PC Connection, Inc. has a 52 week low of $56.82 and a 52 week high of $77.19. The stock has a 50-day simple moving average of $66.27 and a 200 day simple moving average of $65.84.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.18. PC Connection had a return on equity of 9.95% and a net margin of 3.04%. The firm had revenue of $701.05 million during the quarter, compared to analyst estimates of $646.37 million. On average, equities analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were paid a $0.15 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.89%. PC Connection's dividend payout ratio (DPR) is presently 18.18%.

Insiders Place Their Bets

In other news, Director Jack L. Ferguson sold 1,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the completion of the sale, the director directly owned 66,055 shares in the company, valued at approximately $4,380,767.60. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Timothy J. Mcgrath sold 5,440 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $67.05, for a total value of $364,752.00. Following the completion of the sale, the chief executive officer owned 260,387 shares of the company's stock, valued at approximately $17,458,948.35. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,005 shares of company stock valued at $2,205,614. 55.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Wall Street Zen cut PC Connection from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 9th.

PC Connection 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.