Millennium Management LLC Has $4.02 Million Stake in PC Connection, Inc. (NASDAQ:CNXN)

Millennium Management LLC trimmed its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 54.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 57,980 shares of the company's stock after selling 70,233 shares during the quarter. Millennium Management LLC owned approximately 0.22% of PC Connection worth $4,016,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Ieq Capital LLC lifted its stake in PC Connection by 3.5% in the fourth quarter. Ieq Capital LLC now owns 6,596 shares of the company's stock valued at $457,000 after buying an additional 224 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of PC Connection by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,588 shares of the company's stock valued at $456,000 after purchasing an additional 234 shares in the last quarter. EntryPoint Capital LLC raised its stake in shares of PC Connection by 8.3% during the fourth quarter. EntryPoint Capital LLC now owns 3,220 shares of the company's stock valued at $223,000 after purchasing an additional 248 shares in the last quarter. Rhumbline Advisers raised its stake in shares of PC Connection by 0.4% during the fourth quarter. Rhumbline Advisers now owns 85,432 shares of the company's stock valued at $5,918,000 after purchasing an additional 298 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its stake in shares of PC Connection by 6.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,336 shares of the company's stock valued at $370,000 after purchasing an additional 319 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors.

PC Connection Trading Down 0.4%

NASDAQ:CNXN traded down $0.27 during mid-day trading on Friday, reaching $65.26. 135,024 shares of the stock were exchanged, compared to its average volume of 98,808. The business has a fifty day moving average price of $64.05 and a 200 day moving average price of $67.10. The firm has a market capitalization of $1.66 billion, a PE ratio of 19.84, a PEG ratio of 1.96 and a beta of 0.67. PC Connection, Inc. has a 1-year low of $56.82 and a 1-year high of $77.19.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its earnings results 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. The firm had revenue of $701.05 million for the quarter, compared to analyst estimates of $646.37 million. PC Connection had a return on equity of 9.74% and a net margin of 3.11%. On average, sell-side analysts forecast that PC Connection, Inc. will post 3.33 earnings per share for the current year.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 13th were paid a $0.15 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.92%. PC Connection's dividend payout ratio is currently 18.18%.

Insider Buying and Selling

In other PC Connection news, Director Jack L. Ferguson sold 1,000 shares of PC Connection 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 transaction, the director now owns 66,055 shares of the company's stock, valued at $4,380,767.60. The trade was a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy J. Mcgrath sold 26,565 shares of PC Connection stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $66.80, for a total value of $1,774,542.00. Following the transaction, the chief executive officer now directly owns 265,827 shares in the company, valued at approximately $17,757,243.60. This trade represents a 9.09% decrease in their position. 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. 55.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

About PC Connection

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.