Bank of New York Mellon Corp Sells 6,458 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Bank of New York Mellon Corp cut its position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 4.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 124,115 shares of the company's stock after selling 6,458 shares during the quarter. Bank of New York Mellon Corp owned 0.48% of PC Connection worth $7,747,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Nuveen Asset Management LLC boosted its position in PC Connection by 12.7% during the fourth quarter. Nuveen Asset Management LLC now owns 113,261 shares of the company's stock valued at $7,846,000 after purchasing an additional 12,795 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of PC Connection in the first quarter valued at approximately $339,000. GAMMA Investing LLC lifted 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 buying an additional 1,667 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of PC Connection by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 1,118,289 shares of the company's stock valued at $77,464,000 after buying an additional 8,723 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of PC Connection by 17.3% in the first quarter. Rhumbline Advisers now owns 100,200 shares of the company's stock valued at $6,254,000 after buying an additional 14,768 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other PC Connection news, CEO Timothy J. Mcgrath sold 26,565 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $66.80, for a total transaction of $1,774,542.00. Following the transaction, the chief executive officer owned 265,827 shares in the company, valued at $17,757,243.60. This trade represents a 9.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the director owned 66,055 shares in the company, valued at approximately $4,380,767.60. This trade represents a 1.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,005 shares of company stock worth $2,205,614. Corporate insiders own 55.20% of the company's stock.

PC Connection Stock Performance

Shares of NASDAQ CNXN traded down $0.86 during trading hours on Friday, reaching $64.00. 71,215 shares of the stock were exchanged, compared to its average volume of 59,830. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 19.39, a P/E/G ratio of 1.85 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's fifty day simple moving average is $65.77 and its 200 day simple moving average is $65.42.

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

PC Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Tuesday, May 13th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.94%. PC Connection's dividend payout ratio (DPR) is presently 18.18%.

Wall Street Analysts Forecast Growth

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 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.