PC Connection (NASDAQ:CNXN) Director Negrini David Beffa Sells 5,000 Shares of Company Stock

PC Connection, Inc. (NASDAQ:CNXN) Director David Beffa-Negrini sold 5,000 shares of PC Connection stock in a transaction on Friday, August 14th. The stock was sold at an average price of $81.05, for a total value of $405,250.00. Following the sale, the director owned 60,875 shares in the company, valued at $4,933,918.75. The trade was a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

PC Connection Trading Down 0.4%

Shares of NASDAQ:CNXN traded down $0.41 during midday trading on Wednesday, reaching $91.98. The company had a trading volume of 123,296 shares, compared to its average volume of 115,422. The stock has a market cap of $2.32 billion, a P/E ratio of 24.33, a P/E/G ratio of 2.21 and a beta of 0.81. The company’s 50 day moving average price is $84.17 and its 200 day moving average price is $73.82. PC Connection, Inc. has a 52-week low of $54.97 and a 52-week high of $93.89.

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

PC Connection Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 11th. PC Connection’s payout ratio is 21.16%.

Analysts Set New Price Targets

Several brokerages have weighed in on CNXN. Weiss Ratings lowered PC Connection from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, September 16th. Zacks Research cut PC Connection from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On PC Connection

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new stake in PC Connection during the 2nd quarter worth approximately $158,833,000. Dimensional Fund Advisors LP boosted its holdings in PC Connection by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company’s stock valued at $89,237,000 after purchasing an additional 4,345 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of PC Connection during the 2nd quarter valued at $9,982,000. Denali Advisors LLC grew its position in shares of PC Connection by 19.1% during the 2nd quarter. Denali Advisors LLC now owns 99,200 shares of the company’s stock valued at $7,241,000 after purchasing an additional 15,900 shares in the last quarter. Finally, Man Group plc purchased a new position in shares of PC Connection during the 2nd quarter valued at $6,925,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

PC Connection Company Profile

PC Connection, Inc is an information technology solutions provider that supplies computer hardware, software, networking equipment, peripherals and related technology products to organizations in the United States. The company serves businesses, government agencies and educational institutions through its Connection brand and online and sales channels.

In addition to product distribution, PC Connection provides technology services designed to help customers plan, deploy and manage IT environments.