KLP Kapitalforvaltning AS Boosts Holdings in PC Connection, Inc. (NASDAQ:CNXN)

Key Points

• KLP Kapitalforvaltning AS increased its stake in PC Connection, Inc. by 103.2% during the first quarter, acquiring an additional 6,500 shares, bringing its total holdings to 12,800 shares valued at approximately $799,000.
• PC Connection reported a quarterly earnings per share of $0.60, surpassing analysts' expectations of $0.42, with revenue reaching $701.05 million, exceeding the forecast of $646.37 million.
• Insiders, including CEO Timothy J. McGrath, have sold a total of 33,005 shares in the last 90 days, while 55.20% of the company's stock remains owned by insiders.

KLP Kapitalforvaltning AS boosted its holdings in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 103.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,800 shares of the company's stock after acquiring an additional 6,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in PC Connection were worth $799,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Nuveen Asset Management LLC increased its stake in shares of PC Connection by 12.7% in the 4th quarter. Nuveen Asset Management LLC now owns 113,261 shares of the company's stock worth $7,846,000 after purchasing an additional 12,795 shares in the last quarter. SG Americas Securities LLC purchased a new stake in PC Connection in the 1st quarter worth $339,000. GAMMA Investing LLC increased 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 worth $135,000 after buying an additional 1,667 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of PC Connection by 0.8% during the 4th 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 last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of PC Connection by 17.3% during the 1st 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 last quarter. 42.85% of the stock is owned by institutional investors.

Insider Activity at PC Connection

In related news, 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 transaction of $364,752.00. Following the completion of the transaction, the chief executive officer directly owned 260,387 shares in the company, valued at $17,458,948.35. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction, the director owned 66,055 shares of the company's stock, valued at approximately $4,380,767.60. This trade represents a 1.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,005 shares of company stock valued at $2,205,614. 55.20% of the stock is owned by insiders.

PC Connection Stock Down 1.0%

PC Connection stock traded down $0.63 during midday trading on Friday, reaching $60.96. The stock had a trading volume of 119,977 shares, compared to its average volume of 64,056. PC Connection, Inc. has a 52-week low of $56.72 and a 52-week high of $77.19. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 1.78 and a beta of 0.72. The company has a fifty day moving average of $65.32 and a 200 day moving average of $65.22.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.91 by $0.06. The company had revenue of $759.69 million for 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 research analysts predict that PC Connection, Inc. will post 3.33 EPS for the current 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. This represents a $0.60 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, August 12th. PC Connection's dividend payout ratio (DPR) is 18.18%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of PC Connection from a "buy" rating to a "hold" rating in a report on Saturday.

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.