Denali Advisors LLC Sells 19,600 Shares of PC Connection, Inc. $CNXN

Key Points

• Denali Advisors LLC cut its PC Connection stake by 22.6% in the fourth quarter, selling 19,600 shares and leaving it with 67,300 shares valued at about $3.89 million.
• PC Connection posted a strong quarter, reporting EPS of $0.77 versus the $0.62 estimate and revenue of $721.87 million, topping expectations.
• The company also announced a quarterly dividend of $0.20 per share, while Wall Street Zen upgraded the stock to buy; however, the overall analyst consensus remains Hold.

Denali Advisors LLC reduced its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 22.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,300 shares of the company's stock after selling 19,600 shares during the quarter. Denali Advisors LLC owned about 0.27% of PC Connection worth $3,887,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of PC Connection by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company's stock worth $62,390,000 after purchasing an additional 10,218 shares in the last quarter. Invesco Ltd. boosted its position in shares of PC Connection by 2.4% in the 2nd quarter. Invesco Ltd. now owns 179,487 shares of the company's stock worth $11,807,000 after purchasing an additional 4,146 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of PC Connection by 71.3% in the 3rd quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company's stock worth $10,264,000 after purchasing an additional 68,906 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of PC Connection by 12.6% in the 2nd quarter. AQR Capital Management LLC now owns 139,881 shares of the company's stock worth $9,201,000 after purchasing an additional 15,623 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of PC Connection by 3.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 116,878 shares of the company's stock worth $7,245,000 after purchasing an additional 3,666 shares in the last quarter. 42.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of PC Connection from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold".

PC Connection Stock Performance

Shares of PC Connection stock opened at $66.65 on Friday. The company has a market capitalization of $1.68 billion, a P/E ratio of 19.38, a P/E/G ratio of 1.66 and a beta of 0.86. The company has a fifty day moving average of $61.29 and a 200 day moving average of $60.23. PC Connection, Inc. has a fifty-two week low of $54.97 and a fifty-two week high of $71.17.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The business had revenue of $721.87 million during the quarter, compared to the consensus estimate of $696.09 million. Analysts forecast that PC Connection, Inc. will post 3.93 EPS for the current year.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, May 12th. PC Connection's dividend payout ratio is 23.26%.

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.

Want to see what other hedge funds are holding CNXN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PC Connection, Inc. (NASDAQ:CNXN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.