Los Angeles Capital Management LLC Sells 23,554 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Los Angeles Capital Management LLC decreased its holdings in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 56.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,491 shares of the company's stock after selling 23,554 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.07% of PC Connection worth $1,243,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNXN. Truist Financial Corp acquired a new stake in shares of PC Connection during the fourth quarter worth about $352,000. Louisiana State Employees Retirement System acquired a new position in PC Connection during the fourth quarter worth approximately $383,000. Arizona State Retirement System purchased a new stake in PC Connection in the fourth quarter valued at approximately $222,000. Pacer Advisors Inc. boosted its holdings in shares of PC Connection by 65.0% in the fourth quarter. Pacer Advisors Inc. now owns 672,203 shares of the company's stock valued at $45,179,000 after acquiring an additional 264,687 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in shares of PC Connection by 50.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 17,313 shares of the company's stock worth $1,164,000 after acquiring an additional 5,806 shares during the last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of PC Connection from a "strong-buy" rating to a "buy" rating in a research note on Friday, April 26th.

PC Connection Trading Up 1.5 %

Shares of CNXN traded up $0.94 during mid-day trading on Thursday, hitting $64.69. 102,675 shares of the company's stock were exchanged, compared to its average volume of 70,509. PC Connection, Inc. has a fifty-two week low of $39.06 and a fifty-two week high of $70.55. The business's 50 day moving average is $64.22 and its two-hundred day moving average is $63.70. The firm has a market capitalization of $1.71 billion, a P/E ratio of 20.73, a P/E/G ratio of 1.83 and a beta of 0.67.

PC Connection (NASDAQ:CNXN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The company had revenue of $632.03 million for the quarter, compared to analyst estimates of $694.19 million. PC Connection had a return on equity of 10.10% and a net margin of 2.98%. During the same period in the previous year, the business posted $0.56 earnings per share. On average, equities research analysts forecast that PC Connection, Inc. will post 3.35 earnings per share for the current year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 14th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, May 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.62%. PC Connection's payout ratio is currently 12.82%.

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.