Martingale Asset Management L P Cuts Holdings in PC Connection, Inc. $CNXN

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 decreased its stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 27.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,747 shares of the company's stock after selling 10,301 shares during the period. Martingale Asset Management L P owned about 0.11% of PC Connection worth $1,670,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CNXN. Farther Finance Advisors LLC increased its holdings 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 buying an additional 469 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of PC Connection by 6,900.0% during the 1st quarter. Russell Investments Group Ltd. now owns 980 shares of the company's stock worth $61,000 after purchasing an additional 966 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of PC Connection by 143.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock worth $77,000 after purchasing an additional 657 shares during the period. CWM LLC raised its holdings in shares of PC Connection by 67.4% in the 1st quarter. CWM LLC now owns 1,637 shares of the company's stock worth $102,000 after purchasing an additional 659 shares during the period. Finally, GAMMA Investing LLC lifted its stake in 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 purchasing an additional 1,667 shares during the last quarter. 42.85% of the stock is owned by hedge funds and other institutional investors.

PC Connection Price Performance

Shares of CNXN traded down $0.69 during midday trading on Thursday, hitting $63.91. 37,257 shares of the company traded hands, compared to its average volume of 103,053. The stock has a 50-day moving average of $64.38 and a 200-day moving average of $64.09. PC Connection, Inc. has a one year low of $56.72 and a one year high of $77.19. The firm has a market cap of $1.62 billion, a P/E ratio of 19.55, a PEG ratio of 1.81 and a beta of 0.72.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.06. The company had revenue of $759.69 million during the quarter, compared to analyst estimates of $774.66 million. PC Connection had a net margin of 2.97% and a return on equity of 9.74%. Sell-side analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current fiscal year.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 12th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 12th. PC Connection's dividend payout ratio is 18.29%.

Analyst Upgrades and Downgrades

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

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.