PC Connection, Inc. $CNXN Shares Bought by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in PC Connection, Inc. by 27.3% in the first quarter, holding a total of 39,153 shares worth approximately $2.44 million.
• PC Connection recently declared a $0.15 quarterly dividend, with an annualized yield of 1.0%, set to be paid on August 29th.
• Despite beating earnings expectations with $0.97 EPS, the company's revenue of approximately $759.69 million fell short of analyst estimates of $774.66 million.

Public Sector Pension Investment Board grew its holdings in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 27.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,153 shares of the company's stock after purchasing an additional 8,402 shares during the period. Public Sector Pension Investment Board owned about 0.15% of PC Connection worth $2,444,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CNXN. GAMMA Investing LLC increased its stake in PC Connection by 26,952.8% during the first quarter. GAMMA Investing LLC now owns 135,264 shares of the company's stock worth $8,443,000 after purchasing an additional 134,764 shares during the period. Nuveen LLC purchased a new stake in PC Connection during the first quarter worth about $2,190,000. Lazard Asset Management LLC increased its stake in shares of PC Connection by 131.3% during the fourth quarter. Lazard Asset Management LLC now owns 41,687 shares of the company's stock worth $2,887,000 after buying an additional 23,667 shares during the period. XTX Topco Ltd purchased a new stake in shares of PC Connection during the first quarter worth approximately $1,263,000. Finally, JPMorgan Chase & Co. increased its stake in shares of PC Connection by 48.3% during the fourth quarter. JPMorgan Chase & Co. now owns 50,222 shares of the company's stock worth $3,479,000 after buying an additional 16,352 shares during the period. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

PC Connection Stock Up 4.9%

PC Connection stock traded up $3.00 during mid-day trading on Friday, hitting $64.72. The company had a trading volume of 108,780 shares, compared to its average volume of 84,911. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 1.76 and a beta of 0.72. PC Connection, Inc. has a 1 year low of $56.72 and a 1 year high of $77.19. The business has a fifty day moving average of $64.38 and a 200 day moving average of $64.14.

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 for the quarter, beating the consensus estimate of $0.91 by $0.06. The business had revenue of $759.69 million during the quarter, compared to the consensus estimate of $774.66 million. PC Connection had a return on equity of 9.74% and a net margin of 2.97%. Equities analysts anticipate that PC Connection, Inc. will post 3.33 earnings per share for the current year.

PC Connection Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at PC Connection

In other PC Connection news, CEO Timothy J. Mcgrath sold 26,565 shares of PC Connection stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $66.80, for a total value of $1,774,542.00. Following the completion of the sale, the chief executive officer owned 265,827 shares in the company, valued at $17,757,243.60. The trade was a 9.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jack L. Ferguson sold 1,000 shares of PC Connection stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $66.32, for a total value of $66,320.00. Following the completion of the transaction, the director directly owned 66,055 shares in the company, valued at $4,380,767.60. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,005 shares of company stock valued at $2,205,614 in the last quarter. 55.20% of the stock is currently owned by company insiders.

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.