PC Connection (NASDAQ:CNXN) Trading Down 0.3% – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN) was down 0.3% on Tuesday . The stock traded as low as $73.88 and last traded at $74.36. Approximately 15,259 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 79,271 shares. The stock had previously closed at $74.55.

Analysts Set New Price Targets

Separately, StockNews.com raised PC Connection from a “hold” rating to a “buy” rating in a report on Thursday, November 28th.

PC Connection Stock Performance

The firm has a market capitalization of $1.96 billion, a P/E ratio of 21.81, a PEG ratio of 2.14 and a beta of 0.66. The firm has a 50 day simple moving average of $72.08 and a two-hundred day simple moving average of $69.85.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Tuesday, November 12th. PC Connection’s dividend payout ratio is presently 11.73%.

Insider Activity at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now owns 71,750 shares in the company, valued at approximately $5,022,500. This represents a 6.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 56.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On PC Connection

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its stake in shares of PC Connection by 23.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after buying an additional 240,312 shares in the last quarter. State Street Corp lifted its position in shares of PC Connection by 7.4% during the third quarter. State Street Corp now owns 495,611 shares of the company’s stock worth $37,384,000 after acquiring an additional 34,248 shares in the last quarter. Geode Capital Management LLC boosted its stake in PC Connection by 7.2% in the 3rd quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock worth $26,113,000 after purchasing an additional 23,358 shares during the period. American Century Companies Inc. increased its position in shares of PC Connection by 31.1% during the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after buying an additional 62,398 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of PC Connection by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 244,818 shares of the company’s stock valued at $18,467,000 after acquiring an additional 10,925 shares during the period. Institutional investors own 42.85% of the company’s stock.

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.