PC Connection (NASDAQ:CNXN) Trading Up 0.8% – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN)’s share price shot up 0.8% on Wednesday . The company traded as high as $74.99 and last traded at $74.42. 7,505 shares were traded during trading, a decline of 91% from the average session volume of 79,297 shares. The stock had previously closed at $73.81.

Wall Street Analysts Forecast Growth

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

PC Connection Price Performance

The business’s 50-day simple moving average is $72.08 and its two-hundred day simple moving average is $69.85. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 2.14 and a beta of 0.66.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.56%. PC Connection’s dividend payout ratio (DPR) is presently 11.73%.

Insider Buying and Selling at PC Connection

In other PC Connection news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 71,750 shares in the company, valued at approximately $5,022,500. The trade was a 6.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 56.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. boosted its position in PC Connection by 23.6% in the second 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. American Century Companies Inc. raised its stake in shares of PC Connection by 31.1% in the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after acquiring an additional 62,398 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of PC Connection in the 3rd quarter worth approximately $3,675,000. Allspring Global Investments Holdings LLC grew its position in PC Connection by 34.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock worth $10,552,000 after acquiring an additional 35,505 shares during the last quarter. Finally, State Street Corp increased its holdings in PC Connection by 7.4% during the 3rd quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after purchasing an additional 34,248 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.