Public Employees Retirement System of Ohio Makes New $608,000 Investment in PC Connection, Inc. $CNXN

Public Employees Retirement System of Ohio purchased a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,329 shares of the company’s stock, valued at approximately $608,000.

A number of other large investors have also made changes to their positions in CNXN. Amundi acquired a new position in PC Connection during the first quarter worth about $519,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PC Connection by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company’s stock valued at $431,000 after acquiring an additional 312 shares during the period. Millennium Management LLC lifted its position in shares of PC Connection by 98.8% during the 1st quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock valued at $7,193,000 after acquiring an additional 57,257 shares during the period. Invesco Ltd. boosted its stake in shares of PC Connection by 2.4% during the 2nd quarter. Invesco Ltd. now owns 179,487 shares of the company’s stock worth $11,807,000 after acquiring an additional 4,146 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of PC Connection by 625.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Insider Activity

In other news, Chairman Patricia Gallup sold 7,142 shares of PC Connection stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $78.96, for a total transaction of $563,932.32. Following the completion of the sale, the chairman directly owned 6,949,185 shares in the company, valued at $548,707,647.60. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 35,710 shares of company stock worth $2,760,597. 56.60% of the stock is owned by company insiders.

PC Connection Price Performance

CNXN stock opened at $82.59 on Friday. The company’s 50 day simple moving average is $80.37 and its 200-day simple moving average is $70.23. The firm has a market capitalization of $2.08 billion, a PE ratio of 21.85, a P/E/G ratio of 1.98 and a beta of 0.85. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $88.31.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.31. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The business had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $764.79 million. As a group, sell-side analysts anticipate that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CNXN shares. 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 report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, PC Connection presently has an average rating of “Strong Buy”.

PC Connection 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.