PC Connection, Inc. (NASDAQ:CNXN) Sees Large Increase in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 304,300 shares, a growth of 10.4% from the August 15th total of 275,600 shares. Based on an average daily trading volume, of 94,900 shares, the days-to-cover ratio is presently 3.2 days. Currently, 2.5% of the shares of the stock are short sold.

PC Connection Stock Up 1.3 %

NASDAQ CNXN traded up $0.98 during mid-day trading on Wednesday, hitting $75.44. The stock had a trading volume of 33,414 shares, compared to its average volume of 77,677. PC Connection has a 52-week low of $51.63 and a 52-week high of $76.39. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 23.87, a P/E/G ratio of 2.00 and a beta of 0.62. The company has a 50 day simple moving average of $69.30 and a 200 day simple moving average of $66.41.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.17. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. The firm had revenue of $736.48 million during the quarter, compared to the consensus estimate of $703.50 million. As a group, equities analysts anticipate that PC Connection will post 3.55 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Tuesday, August 13th. PC Connection’s payout ratio is 12.82%.

Insider Activity

In other news, CEO Timothy J. Mcgrath sold 15,377 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $70.18, for a total value of $1,079,157.86. Following the completion of the sale, the chief executive officer now directly owns 277,691 shares of the company’s stock, valued at approximately $19,488,354.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 56.90% of the company’s stock.

Hedge Funds Weigh In On PC Connection

Hedge funds have recently bought and sold shares of the stock. Innealta Capital LLC purchased a new position in PC Connection during the second quarter worth $60,000. Lazard Asset Management LLC increased its position in PC Connection by 15,593.3% during the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after buying an additional 2,339 shares in the last quarter. Acadian Asset Management LLC purchased a new position in PC Connection during the first quarter worth $281,000. Truist Financial Corp purchased a new position in PC Connection during the fourth quarter worth $352,000. Finally, Squarepoint Ops LLC increased its position in PC Connection by 18.5% during the second quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock worth $362,000 after buying an additional 880 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised PC Connection from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 29th.

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.