New York State Common Retirement Fund Sells 16,600 Shares of PC Connection, Inc. (NASDAQ:CNXN)

New York State Common Retirement Fund decreased its holdings in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 46.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,397 shares of the company's stock after selling 16,600 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of PC Connection worth $1,211,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CNXN. Nuveen Asset Management LLC boosted its position in PC Connection by 12.7% in the 4th quarter. Nuveen Asset Management LLC now owns 113,261 shares of the company's stock valued at $7,846,000 after buying an additional 12,795 shares during the period. SG Americas Securities LLC purchased a new stake in PC Connection in the first quarter valued at $339,000. GAMMA Investing LLC lifted its position 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 acquiring an additional 1,667 shares during the last quarter. Vanguard Group Inc. increased its stake in PC Connection by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 1,118,289 shares of the company's stock valued at $77,464,000 after purchasing an additional 8,723 shares during the period. Finally, Rhumbline Advisers increased its stake in PC Connection by 17.3% in the first quarter. Rhumbline Advisers now owns 100,200 shares of the company's stock valued at $6,254,000 after purchasing an additional 14,768 shares during the period. Hedge funds and other institutional investors own 42.85% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of PC Connection from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 9th.

PC Connection Stock Down 1.3%

Shares of CNXN stock traded down $0.86 during mid-day trading on Friday, reaching $64.00. The company's stock had a trading volume of 71,215 shares, compared to its average volume of 59,830. The company's 50 day simple moving average is $65.88 and its 200-day simple moving average is $65.50. PC Connection, Inc. has a 12-month low of $56.82 and a 12-month high of $77.19. The firm has a market capitalization of $1.63 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.87 and a beta of 0.69.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.18. PC Connection had a return on equity of 9.95% and a net margin of 3.04%. The business had revenue of $701.05 million during the quarter, compared to analyst estimates of $646.37 million. As a group, research analysts anticipate that PC Connection, Inc. will post 3.33 EPS for the current fiscal year.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.94%. PC Connection's payout ratio is currently 18.18%.

Insider Buying and Selling

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

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.