PC Connection, Inc. (NASDAQ:CNXN) Stake Lowered by California Public Employees Retirement System

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California Public Employees Retirement System lessened its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,507 shares of the company’s stock after selling 1,472 shares during the period. California Public Employees Retirement System’s holdings in PC Connection were worth $1,999,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Morgan Stanley increased its holdings in PC Connection by 57.1% during the 3rd quarter. Morgan Stanley now owns 77,457 shares of the company’s stock worth $3,012,000 after acquiring an additional 28,163 shares during the period. Royce & Associates LP boosted its stake in shares of PC Connection by 0.4% in the 4th quarter. Royce & Associates LP now owns 1,165,456 shares of the company’s stock valued at $34,649,000 after purchasing an additional 4,574 shares in the last quarter. Citigroup Inc. boosted its position in PC Connection by 17.6% during the 4th quarter. Citigroup Inc. now owns 3,702 shares of the company’s stock valued at $110,000 after buying an additional 554 shares during the period. New York State Common Retirement Fund boosted its position in PC Connection by 56.6% during the 4th quarter. New York State Common Retirement Fund now owns 29,811 shares of the company’s stock valued at $886,000 after buying an additional 10,769 shares during the period. Finally, Vanguard Group Inc. boosted its position in PC Connection by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 563,199 shares of the company’s stock valued at $21,903,000 after buying an additional 19,393 shares during the period. Institutional investors and hedge funds own 41.16% of the company’s stock.

NASDAQ CNXN opened at $32.98 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.60 and a debt-to-equity ratio of 0.02. The firm has a market cap of $869.59 million, a price-to-earnings ratio of 13.92, a PEG ratio of 1.65 and a beta of 1.14. PC Connection, Inc. has a 52 week low of $27.04 and a 52 week high of $43.05.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.04. The company had revenue of $632.92 million during the quarter, compared to analyst estimates of $647.08 million. PC Connection had a net margin of 2.44% and a return on equity of 12.51%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. Analysts predict that PC Connection, Inc. will post 2.5 EPS for the current fiscal year.

Several brokerages recently issued reports on CNXN. BidaskClub upgraded shares of PC Connection from a “sell” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. ValuEngine downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Finally, Sidoti downgraded shares of PC Connection from a “buy” rating to a “neutral” rating and set a $40.00 price objective on the stock. in a report on Friday, February 15th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $40.00.

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About PC Connection

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.

Further Reading: Return On Assets

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Institutional Ownership by Quarter for PC Connection (NASDAQ:CNXN)

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