PC Connection, Inc. $CNXN Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in PC Connection, Inc. by 27.8% during the first quarter, now holding approximately 0.11% of the company's shares, valued at $1,670,000.
• The company recently reported earnings of $0.97 per share for the last quarter, surpassing analysts' expectations of $0.91, despite revenues falling short at $759.69 million.
• PC Connection announced a quarterly dividend of $0.15 per share, representing a 0.9% dividend yield, with the ex-dividend date set for August 12.

Martingale Asset Management L P cut its position in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 27.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,747 shares of the company's stock after selling 10,301 shares during the quarter. Martingale Asset Management L P owned approximately 0.11% of PC Connection worth $1,670,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in PC Connection by 23,450.0% during the 1st quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock valued at $30,000 after acquiring an additional 469 shares during the last quarter. Russell Investments Group Ltd. raised its stake in PC Connection by 6,900.0% during the 1st quarter. Russell Investments Group Ltd. now owns 980 shares of the company's stock valued at $61,000 after acquiring an additional 966 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in PC Connection by 143.8% during the 4th 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 last quarter. CWM LLC raised its stake in PC Connection by 67.4% during the 1st quarter. CWM LLC now owns 1,637 shares of the company's stock valued at $102,000 after acquiring an additional 659 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in PC Connection by 333.4% during the 1st 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 last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

PC Connection Stock Down 0.4%

Shares of CNXN traded down $0.25 on Friday, reaching $63.90. The stock had a trading volume of 6,008 shares, compared to its average volume of 102,731. The firm has a market capitalization of $1.62 billion, a PE ratio of 19.48, a PEG ratio of 1.84 and a beta of 0.72. The firm has a 50-day moving average of $64.37 and a 200 day moving average of $64.09. PC Connection, Inc. has a twelve month low of $56.72 and a twelve 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 for the quarter, topping analysts' consensus estimates of $0.91 by $0.06. The business had revenue of $759.69 million for the quarter, compared to analysts' expectations of $774.66 million. PC Connection had a return on equity of 9.74% and a net margin of 2.97%. On average, sell-side analysts anticipate that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, August 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.9%. PC Connection's dividend payout ratio (DPR) is 18.29%.

Wall Street Analysts Forecast Growth

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

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.