Allspring Global Investments Holdings LLC Sells 36,836 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Allspring Global Investments Holdings LLC reduced its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 34.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 70,819 shares of the company’s stock after selling 36,836 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.27% of PC Connection worth $4,760,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in PC Connection by 65.0% in the fourth quarter. Pacer Advisors Inc. now owns 672,203 shares of the company’s stock worth $45,179,000 after purchasing an additional 264,687 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in PC Connection by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 229,124 shares of the company’s stock worth $12,231,000 after purchasing an additional 6,743 shares in the last quarter. Brown Advisory Inc. increased its holdings in PC Connection by 12.5% in the third quarter. Brown Advisory Inc. now owns 393,186 shares of the company’s stock worth $20,988,000 after purchasing an additional 43,578 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of PC Connection by 151.5% during the third quarter. Rhumbline Advisers now owns 93,488 shares of the company’s stock valued at $4,990,000 after acquiring an additional 56,310 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings 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 valued at $1,164,000 after acquiring an additional 5,806 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded PC Connection from a “buy” rating to a “strong-buy” rating in a report on Thursday.

PC Connection Stock Up 1.1 %

NASDAQ CNXN opened at $62.82 on Friday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 1.77 and a beta of 0.66. PC Connection, Inc. has a 52 week low of $37.76 and a 52 week high of $70.55. The business has a 50 day moving average price of $65.43 and a 200-day moving average price of $62.84.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.88 by $0.02. The firm had revenue of $696.47 million during the quarter, compared to the consensus estimate of $673.51 million. PC Connection had a return on equity of 10.55% and a net margin of 2.92%. On average, equities research analysts anticipate that PC Connection, Inc. will post 3.5 earnings per share for the current year.

PC Connection Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, February 27th were given a dividend of $0.10 per share. This is a boost from PC Connection’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, February 26th. This represents a $0.40 annualized dividend and a dividend yield of 0.64%. PC Connection’s payout ratio is presently 12.66%.

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.