PC Connection, Inc. $CNXN Shares Acquired by Denali Advisors LLC

Key Points

• Denali Advisors increased its PC Connection stake by 19.1% in the second quarter, bringing its holdings to 99,200 shares valued at approximately $7.24 million. Institutional investors collectively own 42.85% of the company.
• PC Connection reported quarterly earnings of $1.31 per share, beating estimates of $1.00, while revenue reached $854 million versus the $764.79 million consensus forecast.
• Analyst sentiment is strongly positive, with recent upgrades producing a consensus “Strong Buy” rating. The company also declared a quarterly dividend of $0.20 per share, equivalent to a 1.0% yield.

Denali Advisors LLC increased its position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 19.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,200 shares of the company's stock after purchasing an additional 15,900 shares during the period. Denali Advisors LLC owned approximately 0.39% of PC Connection worth $7,241,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CNXN. Allspring Global Investments Holdings LLC raised its stake in shares of PC Connection by 137.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company's stock worth $3,661,000 after buying an additional 35,358 shares in the last quarter. Sei Investments Co. boosted its stake in shares of PC Connection by 150.2% in the first quarter. Sei Investments Co. now owns 27,384 shares of the company's stock valued at $1,601,000 after buying an additional 16,441 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of PC Connection by 12.0% in the fourth quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company's stock valued at $6,629,000 after buying an additional 12,275 shares in the last quarter. Vanguard Group Inc. grew its holdings in PC Connection by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company's stock worth $62,390,000 after acquiring an additional 10,218 shares during the period. Finally, OP Asset Management Ltd acquired a new position in PC Connection during the first quarter worth $686,000. Institutional investors and hedge funds own 42.85% of the company's stock.

Insider Activity at PC Connection

In related news, Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $78.64, for a total value of $561,646.88. Following the sale, the chairman directly owned 6,963,469 shares of the company's stock, valued at approximately $547,607,202.16. This represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 42,876 shares of company stock valued at $3,226,800. 56.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CNXN has been the subject of a number of recent analyst reports. Weiss Ratings raised PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 30th. Zacks Research raised shares of PC Connection from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of PC Connection from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Strong Buy".

PC Connection Price Performance

Shares of NASDAQ:CNXN opened at $77.95 on Thursday. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 20.62, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. The business's 50 day simple moving average is $77.34 and its 200-day simple moving average is $68.22. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $88.31.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.31. The firm had revenue of $854.00 million during the quarter, compared to the consensus estimate of $764.79 million. PC Connection had a return on equity of 10.90% and a net margin of 3.21%. On average, equities analysts anticipate that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, August 11th. PC Connection's payout ratio is 21.16%.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source