PC Connection, Inc. (NASDAQ:CNXN) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 38.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,699 shares of the company's stock after selling 11,074 shares during the period. Bank of America Corp DE owned about 0.07% of PC Connection worth $1,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in CNXN. Barclays PLC increased its holdings in PC Connection by 178.7% in the third quarter. Barclays PLC now owns 36,002 shares of the company's stock valued at $2,717,000 after buying an additional 23,084 shares in the last quarter. Rhumbline Advisers grew its position in shares of PC Connection by 0.4% during the 4th quarter. Rhumbline Advisers now owns 85,432 shares of the company's stock valued at $5,918,000 after acquiring an additional 298 shares during the period. Principal Financial Group Inc. increased its stake in shares of PC Connection by 3.5% in the 4th quarter. Principal Financial Group Inc. now owns 63,842 shares of the company's stock valued at $4,422,000 after purchasing an additional 2,138 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of PC Connection by 8.8% in the 4th quarter. New York State Common Retirement Fund now owns 35,997 shares of the company's stock valued at $2,494,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Ieq Capital LLC raised its holdings in PC Connection by 3.5% in the 4th quarter. Ieq Capital LLC now owns 6,596 shares of the company's stock worth $457,000 after purchasing an additional 224 shares during the period. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Stock Performance

PC Connection stock traded up $0.68 during trading on Friday, reaching $65.20. The company had a trading volume of 61,312 shares, compared to its average volume of 99,242. The firm's 50-day simple moving average is $64.28 and its 200 day simple moving average is $66.91. PC Connection, Inc. has a 1-year low of $56.82 and a 1-year high of $77.19. The firm has a market capitalization of $1.66 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 1.96 and a beta of 0.70.

PC Connection (NASDAQ:CNXN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.18. The business had revenue of $701.05 million for the quarter, compared to the consensus estimate of $646.37 million. PC Connection had a net margin of 3.11% and a return on equity of 9.74%. Analysts anticipate that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 13th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend was Tuesday, May 13th. PC Connection's payout ratio is 18.18%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other PC Connection news, CEO Timothy J. Mcgrath sold 26,565 shares of PC Connection stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $66.80, for a total transaction of $1,774,542.00. Following the sale, the chief executive officer now owns 265,827 shares of the company's stock, valued at $17,757,243.60. The trade was a 9.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jack L. Ferguson sold 1,000 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $66.32, for a total transaction of $66,320.00. Following the completion of the sale, the director now owns 66,055 shares of the company's stock, valued at $4,380,767.60. This trade represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,005 shares of company stock worth $2,205,614. Corporate insiders own 55.20% of the company's stock.

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.