PC Connection (NASDAQ:CNXN) Shares Up 1.3% – Should You Buy?

Shares of PC Connection, Inc. (NASDAQ:CNXN) shot up 1.3% during trading on Monday . The company traded as high as $73.51 and last traded at $73.51. 5,711 shares were traded during mid-day trading, a decline of 93% from the average session volume of 79,609 shares. The stock had previously closed at $72.58.

Analyst Upgrades and Downgrades

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

PC Connection Price Performance

The company has a market capitalization of $1.97 billion, a PE ratio of 21.56, a P/E/G ratio of 2.14 and a beta of 0.63. The business’s 50 day simple moving average is $72.12 and its 200 day simple moving average is $69.38.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were given 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 yield of 0.53%. PC Connection’s dividend payout ratio is currently 11.73%.

Insider Activity

In other news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the sale, the director now directly owns 71,750 shares of the company’s stock, valued at approximately $5,022,500. The trade was a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 56.90% of the company’s stock.

Institutional Trading of PC Connection

Several hedge funds have recently made changes to their positions in CNXN. Martingale Asset Management L P lifted its holdings 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 buying an additional 140 shares in the last quarter. Amalgamated Bank grew its stake in shares of PC Connection by 4.6% during the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after purchasing an additional 154 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of 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 in the last quarter. Louisiana State Employees Retirement System grew its position in shares of PC Connection by 5.3% in the 3rd quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock valued at $453,000 after buying an additional 300 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of PC Connection during the third quarter worth about $28,000. 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.