Public Sector Pension Investment Board Raises Stake in PC Connection, Inc. $CNXN

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 lifted its stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 27.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,153 shares of the company's stock after buying an additional 8,402 shares during the period. Public Sector Pension Investment Board owned about 0.15% of PC Connection worth $2,444,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CNXN. Farther Finance Advisors LLC boosted its position in shares of PC Connection by 23,450.0% during the first quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock valued at $30,000 after buying an additional 469 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of PC Connection by 143.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock valued at $77,000 after buying an additional 657 shares during the last quarter. CWM LLC boosted its position in PC Connection by 67.4% in the first quarter. CWM LLC now owns 1,637 shares of the company's stock worth $102,000 after purchasing an additional 659 shares during the last quarter. GAMMA Investing LLC grew its stake in PC Connection by 333.4% in the 1st 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 period. Finally, US Bancorp DE grew its stake in PC Connection by 481.4% in the 1st quarter. US Bancorp DE now owns 2,901 shares of the company's stock valued at $181,000 after purchasing an additional 2,402 shares during the period. Hedge funds and other institutional investors own 42.85% of the company's stock.

Wall Street Analysts Forecast Growth

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

PC Connection Price Performance

Shares of CNXN traded down $0.82 during mid-day trading on Monday, hitting $63.90. The stock had a trading volume of 56,049 shares, compared to its average volume of 86,790. The firm has a market cap of $1.62 billion, a P/E ratio of 19.48, a PEG ratio of 1.85 and a beta of 0.72. The business has a fifty day moving average price of $64.39 and a 200-day moving average price of $64.10. PC Connection, Inc. has a 52 week low of $56.72 and a 52 week high of $77.19.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.06. The firm had revenue of $759.69 million for the quarter, compared to analyst estimates of $774.66 million. PC Connection had a return on equity of 9.74% and a net margin of 2.97%. As a group, research analysts expect that PC Connection, Inc. will post 3.33 earnings per share 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. Shareholders of record on Tuesday, August 12th will be paid a $0.15 dividend. 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 payout ratio is presently 18.29%.

Insider Buying and Selling at PC Connection

In other PC Connection news, Director Jack L. Ferguson sold 1,000 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the sale, the director directly owned 66,055 shares in the company, valued at $4,380,767.60. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Timothy J. Mcgrath sold 5,440 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $67.05, for a total value of $364,752.00. Following the sale, the chief executive officer owned 260,387 shares in the company, valued at approximately $17,458,948.35. The trade was a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,005 shares of company stock worth $2,205,614. Corporate insiders own 55.20% of the company's stock.

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.