Northern Trust Corp Reduces Holdings in PC Connection, Inc. $CNXN

Key Points

• Northern Trust Corp reduced its stake in PC Connection, Inc. by 3.8%, now holding 249,802 shares valued at approximately $15.6 million as of the end of Q1.
• PC Connection recently reported $0.97 EPS for the last quarter, exceeding analysts' estimates of $0.91, although revenue of $759.69 million fell short of the $774.66 million forecast.
• The company's quarterly dividend of $0.15 per share translates to an annual yield of 0.9%, with a payout ratio of 18.29%.

Northern Trust Corp trimmed its stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 3.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 249,802 shares of the company's stock after selling 9,848 shares during the quarter. Northern Trust Corp owned 0.98% of PC Connection worth $15,593,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in PC Connection by 26,952.8% in the 1st quarter. GAMMA Investing LLC now owns 135,264 shares of the company's stock worth $8,443,000 after acquiring an additional 134,764 shares during the last quarter. Nuveen LLC bought a new position in PC Connection in the 1st quarter worth about $2,190,000. Lazard Asset Management LLC increased its stake in PC Connection by 131.3% in the 4th quarter. Lazard Asset Management LLC now owns 41,687 shares of the company's stock worth $2,887,000 after acquiring an additional 23,667 shares during the last quarter. American Century Companies Inc. increased its stake in PC Connection by 7.7% in the 1st quarter. American Century Companies Inc. now owns 320,915 shares of the company's stock worth $20,032,000 after acquiring an additional 23,082 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in PC Connection in the 1st quarter worth about $1,263,000. 42.85% of the stock is currently owned by institutional investors.

PC Connection Trading Down 1.2%

Shares of CNXN traded down $0.79 during midday trading on Friday, reaching $65.56. The stock had a trading volume of 65,766 shares, compared to its average volume of 78,839. The company's 50-day moving average is $64.24 and its 200 day moving average is $64.05. PC Connection, Inc. has a 12-month low of $56.72 and a 12-month high of $77.19. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 1.87 and a beta of 0.73.

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

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, August 12th. PC Connection's dividend payout ratio is presently 18.29%.

Analyst Ratings Changes

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

About PC Connection

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.