PDT Partners LLC Makes New $3.56 Million Investment in PC Connection, Inc. $CNXN

PDT Partners LLC acquired a new stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 48,737 shares of the company's stock, valued at approximately $3,557,000. PDT Partners LLC owned approximately 0.19% of PC Connection at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in PC Connection in the second quarter valued at about $158,833,000. Bank of New York Mellon Corp acquired a new position in shares of PC Connection in the 2nd quarter valued at approximately $9,982,000. Qube Research & Technologies Ltd lifted its holdings in PC Connection by 71.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company's stock worth $10,264,000 after buying an additional 68,906 shares during the last quarter. UBS Group AG grew its holdings in shares of PC Connection by 189.9% during the fourth quarter. UBS Group AG now owns 89,814 shares of the company's stock valued at $5,188,000 after purchasing an additional 58,831 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of PC Connection by 98.8% in the first quarter. Millennium Management LLC now owns 115,237 shares of the company's stock valued at $7,193,000 after purchasing an additional 57,257 shares during the period. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

PC Connection Trading Up 0.0%

Shares of CNXN opened at $79.39 on Thursday. The firm's 50 day moving average is $78.03 and its 200-day moving average is $68.84. The stock has a market capitalization of $2.00 billion, a PE ratio of 21.00, a P/E/G ratio of 1.90 and a beta of 0.86. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $88.31.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.31. The business had revenue of $854.00 million for the quarter, compared to analyst estimates of $764.79 million. PC Connection had a return on equity of 10.90% and a net margin of 3.21%. Equities research analysts predict that PC Connection, Inc. will post 4.18 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.80 annualized dividend and a yield of 1.0%. PC Connection's dividend payout ratio is presently 21.16%.

Insiders Place Their Bets

In related news, Chairman Patricia Gallup sold 7,384 shares of the business's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44. Following the transaction, the chairman directly owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 42,876 shares of company stock worth $3,226,800. 56.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on CNXN shares. Wall Street Zen upgraded shares of PC Connection from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Zacks Research upgraded PC Connection from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised shares of PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

PC Connection Profile

PC Connection, Inc NASDAQ: CNXN, now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection's product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.

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