Teacher Retirement System of Texas lowered its stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 8.3% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 105,541 shares of the company's stock after selling 9,570 shares during the period. Teacher Retirement System of Texas owned approximately 0.41% of PC Connection worth $6,588,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in CNXN. GAMMA Investing LLC boosted its stake in PC Connection by 26,952.8% during the 1st quarter. GAMMA Investing LLC now owns 135,264 shares of the company's stock valued at $8,443,000 after purchasing an additional 134,764 shares during the last quarter. Lazard Asset Management LLC boosted its stake in PC Connection by 131.3% during the 4th quarter. Lazard Asset Management LLC now owns 41,687 shares of the company's stock valued at $2,887,000 after purchasing an additional 23,667 shares during the last quarter. Prudential Financial Inc. boosted its stake in PC Connection by 54.2% during the 4th quarter. Prudential Financial Inc. now owns 58,431 shares of the company's stock valued at $4,099,000 after purchasing an additional 20,534 shares during the last quarter. Invesco Ltd. boosted its stake in PC Connection by 8.2% during the 4th quarter. Invesco Ltd. now owns 268,455 shares of the company's stock valued at $18,596,000 after purchasing an additional 20,383 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in PC Connection by 48.3% during the 4th quarter. JPMorgan Chase & Co. now owns 50,222 shares of the company's stock valued at $3,479,000 after purchasing an additional 16,352 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company's stock.
Insider Buying and Selling
In related news, Director Jack L. Ferguson sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the transaction, the director owned 66,055 shares in the company, valued at approximately $4,380,767.60. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy J. Mcgrath sold 26,565 shares of the company's stock in a transaction that occurred on 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 owned 265,827 shares in the company, valued at approximately $17,757,243.60. The trade was a 9.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,005 shares of company stock worth $2,205,614 in the last 90 days. Company insiders own 55.20% of the company's stock.
PC Connection Price Performance
Shares of NASDAQ CNXN traded down $0.57 during midday trading on Monday, reaching $66.71. The company's stock had a trading volume of 72,007 shares, compared to its average volume of 111,471. PC Connection, Inc. has a 12-month low of $56.82 and a 12-month high of $77.19. The firm has a 50 day moving average price of $66.27 and a 200-day moving average price of $65.78. The stock has a market capitalization of $1.69 billion, a P/E ratio of 20.22, a PEG ratio of 1.94 and a beta of 0.69.
PC Connection (NASDAQ:CNXN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.18. PC Connection had a return on equity of 9.95% and a net margin of 3.04%. The firm had revenue of $701.05 million for the quarter, compared to the consensus estimate of $646.37 million. On average, equities analysts predict that PC Connection, Inc. will post 3.33 EPS for the current year.
PC Connection Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were paid a $0.15 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.90%. PC Connection's payout ratio is presently 18.18%.
Analysts Set New Price Targets
Separately, Wall Street Zen downgraded PC Connection from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 9th.
Check Out Our Latest Research Report on CNXN
About PC Connection
(
Free Report)
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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