Hotchkis & Wiley Capital Management LLC Invests $3.68 Million in PC Connection, Inc. (NASDAQ:CNXN)

Hotchkis & Wiley Capital Management LLC acquired a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 48,720 shares of the company’s stock, valued at approximately $3,675,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CNXN. Martingale Asset Management L P raised its stake in PC Connection by 0.4% in the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock valued at $2,798,000 after acquiring an additional 140 shares during the period. Public Sector Pension Investment Board grew its holdings in PC Connection by 5.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 26,242 shares of the company’s stock valued at $1,979,000 after buying an additional 1,300 shares in the last quarter. FMR LLC grew its holdings in PC Connection by 33.0% in the 3rd quarter. FMR LLC now owns 41,108 shares of the company’s stock valued at $3,101,000 after buying an additional 10,206 shares in the last quarter. Algert Global LLC acquired a new position in PC Connection in the 3rd quarter valued at $650,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in PC Connection by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 244,818 shares of the company’s stock valued at $18,467,000 after buying an additional 10,925 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.

Insider Buying and Selling at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now directly owns 71,750 shares in the company, valued at $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 56.90% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised PC Connection from a “hold” rating to a “buy” rating in a report on Thursday, November 28th.

PC Connection Stock Performance

CNXN opened at $73.26 on Friday. PC Connection, Inc. has a 52-week low of $57.47 and a 52-week high of $77.19. The firm has a market cap of $1.93 billion, a P/E ratio of 21.48, a price-to-earnings-growth ratio of 2.20 and a beta of 0.66. The business’s fifty day moving average is $72.09 and its 200-day moving average is $69.54.

PC Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. PC Connection’s dividend payout ratio is currently 11.73%.

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.