Trexquant Investment LP Reduces Stock Holdings in PC Connection, Inc. $CNXN

Key Points

• Trexquant Investment LP reduced its holdings in PC Connection by 26.2%, now owning approximately 0.10% of the company valued at $1.51 million.
• PC Connection announced a quarterly dividend of $0.15, leading to an annualized yield of 0.9% based on a dividend payout ratio of 18.29%.
• PC Connection reported earnings of $0.97 per share for the last quarter, surpassing estimates, although revenue fell short of projections at $759.69 million.

Trexquant Investment LP reduced its holdings in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 26.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,168 shares of the company's stock after selling 8,592 shares during the period. Trexquant Investment LP owned about 0.10% of PC Connection worth $1,509,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CNXN. GAMMA Investing LLC boosted its position in shares of PC Connection by 26,952.8% in the first quarter. GAMMA Investing LLC now owns 135,264 shares of the company's stock worth $8,443,000 after purchasing an additional 134,764 shares during the period. Nuveen LLC bought a new position in PC Connection during the first quarter valued at $2,190,000. Lazard Asset Management LLC lifted its position in PC Connection by 131.3% during the fourth 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. American Century Companies Inc. lifted its position in PC Connection by 7.7% during the first quarter. American Century Companies Inc. now owns 320,915 shares of the company's stock valued at $20,032,000 after purchasing an additional 23,082 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in PC Connection during the first quarter valued at $1,263,000. 42.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of PC Connection from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd.

PC Connection Stock Down 1.2%

Shares of PC Connection stock traded down $0.77 on Tuesday, reaching $63.28. The stock had a trading volume of 77,956 shares, compared to its average volume of 102,494. The company has a 50 day moving average price of $64.21 and a 200 day moving average price of $64.04. PC Connection, Inc. has a 1 year low of $56.72 and a 1 year high of $77.19. The stock has a market capitalization of $1.61 billion, a P/E ratio of 19.29, a P/E/G ratio of 1.87 and a beta of 0.73.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $759.69 million for the quarter, compared to the consensus estimate of $774.66 million. PC Connection had a net margin of 2.97% and a return on equity of 9.74%. On average, analysts forecast that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The business 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. This represents a $0.60 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 12th. PC Connection's payout ratio is currently 18.29%.

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.