KLP Kapitalforvaltning AS Acquires 6,500 Shares of 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 increased its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 103.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,800 shares of the company's stock after purchasing an additional 6,500 shares during the period. KLP Kapitalforvaltning AS's holdings in PC Connection were worth $799,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its stake in shares of PC Connection by 23,450.0% in the first quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock worth $30,000 after acquiring an additional 469 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of PC Connection in the fourth quarter worth approximately $40,000. Public Employees Retirement System of Ohio lifted its stake in shares of PC Connection by 143.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock worth $77,000 after acquiring an additional 657 shares during the period. CWM LLC lifted its stake in shares of 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 acquiring an additional 659 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of PC Connection by 333.4% in the first quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock worth $135,000 after acquiring an additional 1,667 shares during the period. Institutional investors own 42.85% of the company's stock.

PC Connection Stock Performance

Shares of NASDAQ CNXN traded down $0.63 during midday trading on Friday, hitting $60.96. 119,782 shares of the stock traded hands, compared to its average volume of 106,023. The company has a market cap of $1.55 billion, a PE ratio of 18.59, a P/E/G ratio of 1.89 and a beta of 0.69. PC Connection, Inc. has a one year low of $56.72 and a one year high of $77.19. The business has a 50 day moving average price of $65.42 and a two-hundred day moving average price of $65.29.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.97 earnings per share (EPS) for the quarter, topping 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 9.71% and a net margin of 2.97%. As a group, equities research analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, August 12th. PC Connection's dividend payout ratio (DPR) is 18.18%.

Insider Transactions at PC Connection

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

Analysts Set New Price Targets

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

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.