PC Connection (NASDAQ:CNXN) Trading 0.2% Higher – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN)’s stock price traded up 0.2% during mid-day trading on Tuesday . The stock traded as high as $74.06 and last traded at $73.69. 12,483 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 79,965 shares. The stock had previously closed at $73.51.

Analyst Ratings Changes

Separately, StockNews.com lowered PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

PC Connection Trading Up 0.3 %

The stock has a market capitalization of $1.94 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 2.15 and a beta of 0.63. The stock has a 50 day moving average of $72.27 and a 200-day moving average of $69.19.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. PC Connection’s dividend payout ratio is presently 11.73%.

Insider Activity

In related news, Director Negrini David Beffa sold 5,000 shares of the business’s 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 transaction, the director now directly owns 71,750 shares in the company, valued at $5,022,500. The trade was a 6.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 56.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Martingale Asset Management L P lifted its position in PC Connection by 0.4% during the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock worth $2,798,000 after acquiring an additional 140 shares during the period. Amalgamated Bank lifted its position in PC Connection by 4.6% during the 3rd quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after acquiring an additional 154 shares during the period. New York State Teachers Retirement System lifted its position in PC Connection by 4.9% during the 3rd quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock worth $348,000 after acquiring an additional 216 shares during the period. Louisiana State Employees Retirement System lifted its position in PC Connection by 5.3% during the 3rd quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock worth $453,000 after acquiring an additional 300 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in PC Connection during the 3rd quarter worth about $28,000. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

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.