Pacer Advisors Inc. Sells 548,840 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Key Points

• Pacer Advisors Inc. drastically reduced its holdings in PC Connection, Inc. by 77.8%, owning 156,477 shares after selling 548,840 shares during the first quarter.
• Several institutional investors, including GAMMA Investing LLC and Lazard Asset Management LLC, significantly increased their stakes in PC Connection, with GAMMA boosting its position by 26,952.8%.
• PC Connection recently declared a quarterly dividend of $0.15 per share, reflecting an annualized dividend yield of 0.94% with a payout ratio of 18.18%.

Pacer Advisors Inc. cut its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 77.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 156,477 shares of the company's stock after selling 548,840 shares during the period. Pacer Advisors Inc. owned approximately 0.60% of PC Connection worth $9,767,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nuveen Asset Management LLC raised its holdings 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 acquiring an additional 12,795 shares during the period. SG Americas Securities LLC bought a new position in PC Connection in the 1st quarter valued at about $339,000. GAMMA Investing LLC raised its holdings in PC Connection by 333.4% in the 1st 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 period. Vanguard Group Inc. raised its holdings in PC Connection by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 1,118,289 shares of the company's stock valued at $77,464,000 after acquiring an additional 8,723 shares during the period. Finally, Rhumbline Advisers raised its holdings in PC Connection by 17.3% in the 1st quarter. Rhumbline Advisers now owns 100,200 shares of the company's stock valued at $6,254,000 after acquiring an additional 14,768 shares during the period. 42.85% of the stock is owned by institutional investors.

PC Connection Trading Down 7.0%

PC Connection stock traded down $4.45 during mid-day trading on Thursday, reaching $59.58. The company had a trading volume of 61,034 shares, compared to its average volume of 104,859. PC Connection, Inc. has a fifty-two week low of $56.72 and a fifty-two week high of $77.19. The company has a market cap of $1.51 billion, a P/E ratio of 17.94, a P/E/G ratio of 1.90 and a beta of 0.69. The business has a fifty day simple moving average of $65.60 and a 200 day simple moving average of $65.35.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.06. The firm had revenue of $759.69 million for the quarter, compared to analyst estimates of $774.66 million. PC Connection had a net margin of 3.04% and a return on equity of 9.95%. Research analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, CEO Timothy J. Mcgrath sold 26,565 shares of PC Connection stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $66.80, for a total transaction of $1,774,542.00. Following the transaction, the chief executive officer owned 265,827 shares in the company, valued at approximately $17,757,243.60. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack L. Ferguson sold 1,000 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $66.32, for a total transaction of $66,320.00. Following the sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,005 shares of company stock worth $2,205,614. 55.20% of the stock is owned by company insiders.

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.