PC Connection (NASDAQ:CNXN) Stock: Insider Negrini David Beffa Sells 5,000 Shares

Key Points

• Director David Beffa-Negrini sold 5,000 PC Connection shares at an average price of $81.05, generating $405,250 and reducing his direct stake by 7.59% to 60,875 shares.
• PC Connection reported quarterly EPS of $1.31, beating analyst expectations of $1.00, while revenue of $854 million exceeded estimates of $764.79 million.
• The stock traded at $91.98, near its 52-week high, and the company paid a quarterly dividend of $0.20 per share. Analysts’ consensus rating remains “Moderate Buy,” despite recent rating downgrades.

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Director David Beffa-Negrini sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $81.05, for a total transaction of $405,250.00. Following the sale, the director directly owned 60,875 shares of the company's stock, valued at approximately $4,933,918.75. This trade represents a 7.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

PC Connection Price Performance

Shares of PC Connection stock traded down $0.41 during trading on Wednesday, reaching $91.98. 123,296 shares of the company traded hands, compared to its average volume of 115,422. The firm has a market capitalization of $2.32 billion, a PE ratio of 24.33, a P/E/G ratio of 2.21 and a beta of 0.81. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $93.89. The company has a 50 day moving average price of $84.17 and a 200-day moving average price of $73.82.

PC Connection (NASDAQ:CNXN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.31. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The business had revenue of $854.00 million during the quarter, compared to analysts' expectations of $764.79 million. Equities research analysts expect that PC Connection, Inc. will post 4.18 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 28th. Shareholders of record on Tuesday, August 11th were issued a $0.20 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $0.80 annualized dividend and a yield of 0.9%. PC Connection's dividend payout ratio is presently 21.16%.

Analyst Ratings Changes

CNXN has been the topic of a number of research reports. Zacks Research lowered PC Connection from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Weiss Ratings lowered shares of PC Connection from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, September 16th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy".

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNXN. Tidal Investments LLC bought a new position in shares of PC Connection during the 2nd quarter worth approximately $711,000. Arizona State Retirement System bought a new position in shares of PC Connection in the second quarter valued at approximately $229,000. Susquehanna Fundamental Investments LLC bought a new position in shares of PC Connection in the second quarter valued at approximately $1,468,000. Public Employees Retirement System of Ohio purchased a new stake in shares of PC Connection during the second quarter valued at approximately $608,000. Finally, Bank of America Corp DE purchased a new stake in shares of PC Connection during the second quarter valued at approximately $3,080,000. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

About PC Connection

PC Connection, Inc is an information technology solutions provider that supplies computer hardware, software, networking equipment, peripherals and related technology products to organizations in the United States. The company serves businesses, government agencies and educational institutions through its Connection brand and online and sales channels.

In addition to product distribution, PC Connection provides technology services designed to help customers plan, deploy and manage IT environments.

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