Rhumbline Advisers Increases Stock Holdings in PC Connection, Inc. $CNXN

Key Points

• Rhumbline Advisers increased its stake in PC Connection, Inc. by 17.3%, holding a total of 100,200 shares valued at approximately $6.25 million.
• PC Connection recently reported earnings of $0.97 per share for the quarter, surpassing analyst expectations of $0.91, despite revenue falling short of estimates at $759.69 million.
• The company announced a quarterly dividend of $0.15 per share, representing an annualized yield of 0.9%.

Rhumbline Advisers lifted its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 17.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 100,200 shares of the company's stock after purchasing an additional 14,768 shares during the quarter. Rhumbline Advisers owned about 0.39% of PC Connection worth $6,254,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vident Advisory LLC boosted its holdings in shares of PC Connection by 3.2% in the 1st quarter. Vident Advisory LLC now owns 7,157 shares of the company's stock worth $447,000 after purchasing an additional 223 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PC Connection by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,588 shares of the company's stock worth $456,000 after purchasing an additional 234 shares during the period. Jane Street Group LLC boosted its holdings in shares of PC Connection by 1.7% in the 4th quarter. Jane Street Group LLC now owns 24,460 shares of the company's stock worth $1,694,000 after purchasing an additional 420 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of PC Connection by 23,450.0% in the 1st quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock worth $30,000 after purchasing an additional 469 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of PC Connection by 143.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock worth $77,000 after purchasing an additional 657 shares during the period. Hedge funds and other institutional investors own 42.85% of the company's stock.

PC Connection Stock Performance

Shares of CNXN stock opened at $63.20 on Friday. PC Connection, Inc. has a 52-week low of $56.72 and a 52-week high of $77.19. The firm has a market capitalization of $1.60 billion, a P/E ratio of 19.27, a P/E/G ratio of 1.86 and a beta of 0.73. The stock has a 50 day moving average price of $63.94 and a 200 day moving average price of $64.03.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.06. PC Connection had a return on equity of 9.74% and a net margin of 2.97%.The firm had revenue of $759.69 million during the quarter, compared to analyst estimates of $774.66 million. As a group, sell-side analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Tuesday, August 12th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.60 dividend on an annualized basis and a yield of 0.9%. PC Connection's payout ratio is 18.29%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut PC Connection from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd.

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.

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