Strs Ohio Purchases Shares of 9,200 PC Connection, Inc. $CNXN

Key Points

• Strs Ohio acquired 9,200 shares of PC Connection, Inc. valued at approximately $574,000 during the 1st quarter, marking a new investment in the company.
• PC Connection's stock was downgraded by Wall Street Zen from a "buy" to a "hold" rating on August 2nd.
• The company announced a quarterly dividend of $0.15 per share, representing a 1.0% yield, with a payout ratio of 18.29%.

Strs Ohio purchased a new position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 9,200 shares of the company's stock, valued at approximately $574,000.

Several other hedge funds have also recently bought and sold shares of the company. Millennium Management LLC boosted its position in PC Connection by 98.8% during the first quarter. Millennium Management LLC now owns 115,237 shares of the company's stock worth $7,193,000 after purchasing an additional 57,257 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of PC Connection by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company's stock worth $431,000 after buying an additional 312 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of PC Connection by 446.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 109,460 shares of the company's stock worth $6,832,000 after buying an additional 89,429 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of PC Connection by 25.8% in the 1st quarter. AQR Capital Management LLC now owns 124,258 shares of the company's stock worth $7,756,000 after buying an additional 25,461 shares in the last quarter. Finally, Amundi acquired a new stake in PC Connection in the 1st quarter valued at about $519,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

PC Connection Price Performance

CNXN stock traded up $0.30 on Monday, hitting $63.05. 62,334 shares of the company were exchanged, compared to its average volume of 102,296. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 1.79 and a beta of 0.73. PC Connection, Inc. has a twelve month low of $56.72 and a twelve month high of $77.19. The business's fifty day moving average is $63.56 and its two-hundred day moving average is $64.02.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its quarterly 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 company had revenue of $759.69 million for the quarter, compared to analyst estimates of $774.66 million. PC Connection had a net margin of 2.97% and a return on equity of 9.74%. Equities research analysts expect that PC Connection, Inc. will post 3.33 earnings per share for the current year.

PC Connection Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Tuesday, August 12th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, August 12th. This represents a $0.60 annualized dividend and a yield of 1.0%. PC Connection's dividend payout ratio is currently 18.29%.

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.