PDT Partners LLC Purchases New Stake in PC Connection, Inc. $CNXN

PDT Partners LLC purchased a new position in PC Connection, Inc. (NASDAQ:CNXN) in the second quarter, Holdings Channel.com reports. The fund purchased 48,737 shares of the company’s stock, valued at approximately $3,557,000.

A number of other hedge funds have also recently modified their holdings of CNXN. Allspring Global Investments Holdings LLC increased its holdings in shares of PC Connection by 137.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock worth $3,661,000 after buying an additional 35,358 shares during the last quarter. Sei Investments Co. boosted its stake in shares of PC Connection by 150.2% in the first quarter. Sei Investments Co. now owns 27,384 shares of the company’s stock valued at $1,601,000 after purchasing an additional 16,441 shares during the period. Denali Advisors LLC grew its stake in shares of PC Connection by 19.1% in the second quarter. Denali Advisors LLC now owns 99,200 shares of the company’s stock worth $7,241,000 after acquiring an additional 15,900 shares in the last quarter. Vanguard Group Inc. raised its position in PC Connection by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock valued at $62,390,000 after purchasing an additional 10,218 shares in the last quarter. Finally, OP Asset Management Ltd purchased a new position in PC Connection in the first quarter worth approximately $686,000. Institutional investors own 42.85% of the company’s stock.

Analysts Set New Price Targets

CNXN has been the subject of a number of research analyst reports. Zacks Research raised PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Strong Buy”.

Insider Activity at PC Connection

In other PC Connection news, Chairman Patricia Gallup sold 7,384 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total value of $530,983.44. Following the sale, the chairman directly owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 42,876 shares of company stock worth $3,226,800 over the last three months. 56.60% of the stock is currently owned by corporate insiders.

PC Connection Price Performance

Shares of CNXN stock opened at $79.39 on Thursday. The firm has a market cap of $2.00 billion, a P/E ratio of 21.00, a PEG ratio of 1.90 and a beta of 0.86. The firm’s 50-day simple moving average is $78.03 and its 200-day simple moving average is $68.84. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $88.31.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.31. The company had revenue of $854.00 million during the quarter, compared to the consensus estimate of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. Analysts expect that PC Connection, Inc. will post 4.18 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, August 11th. PC Connection’s dividend payout ratio is 21.16%.

PC Connection Company Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.