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

Millennium Management LLC lowered its position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 54.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,980 shares of the company's stock after selling 70,233 shares during the quarter. Millennium Management LLC owned 0.22% of PC Connection worth $4,016,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CNXN. Barclays PLC grew its holdings in shares of PC Connection by 178.7% in the 3rd quarter. Barclays PLC now owns 36,002 shares of the company's stock valued at $2,717,000 after acquiring an additional 23,084 shares in the last quarter. Rhumbline Advisers boosted its position in 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 during the last quarter. Principal Financial Group Inc. grew its stake in PC Connection by 3.5% in the fourth quarter. Principal Financial Group Inc. now owns 63,842 shares of the company's stock valued at $4,422,000 after purchasing an additional 2,138 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of PC Connection by 8.8% during the 4th quarter. New York State Common Retirement Fund now owns 35,997 shares of the company's stock worth $2,494,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Ieq Capital LLC raised its stake in shares of PC Connection by 3.5% during the 4th quarter. Ieq Capital LLC now owns 6,596 shares of the company's stock worth $457,000 after purchasing an additional 224 shares in the last quarter. 42.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

PC Connection Stock Up 1.1%

Shares of NASDAQ CNXN traded up $0.71 during mid-day trading on Tuesday, reaching $65.14. 72,069 shares of the company were exchanged, compared to its average volume of 98,939. The stock has a market capitalization of $1.65 billion, a P/E ratio of 19.80, a P/E/G ratio of 1.96 and a beta of 0.67. The company's 50-day simple moving average is $64.13 and its 200-day simple moving average is $67.02. PC Connection, Inc. has a twelve month low of $56.82 and a twelve month high of $77.19.

PC Connection (NASDAQ:CNXN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.42 by $0.18. The company had revenue of $701.05 million for the quarter, compared to the consensus estimate of $646.37 million. PC Connection had a return on equity of 9.74% and a net margin of 3.11%. As a group, equities research analysts expect that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Tuesday, May 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.92%. The ex-dividend date was Tuesday, May 13th. PC Connection's payout ratio is 18.18%.

Insider Transactions at PC Connection

In related news, Director Jack L. Ferguson sold 1,000 shares of PC Connection 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 now directly owns 66,055 shares of the company's stock, valued at $4,380,767.60. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 completion of the transaction, the chief executive officer now owns 265,827 shares in the company, valued at approximately $17,757,243.60. This represents a 9.09% 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 currently owned by corporate insiders.

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.