Shares of PC Connection, Inc. (NASDAQ:CNXN – Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $76.85 and last traded at $76.54, with a volume of 109673 shares changing hands. The stock had previously closed at $73.69.
Analysts Set New Price Targets
Separately, StockNews.com raised PC Connection from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 29th.
Get Our Latest Analysis on CNXN
PC Connection Price Performance
PC Connection (NASDAQ:CNXN – Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.17. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. The company had revenue of $736.48 million for the quarter, compared to analyst estimates of $703.50 million. Research analysts anticipate that PC Connection, Inc. will post 3.55 earnings per share for the current year.
PC Connection Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 13th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.52%. PC Connection’s dividend payout ratio is currently 12.82%.
Insider Activity at PC Connection
In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 277,691 shares in the company, valued at approximately $19,488,354.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 56.90% of the company’s stock.
Hedge Funds Weigh In On PC Connection
Hedge funds and other institutional investors have recently modified their holdings of the stock. Innealta Capital LLC acquired a new position in shares of PC Connection in the 2nd quarter valued at $60,000. Lazard Asset Management LLC boosted its position in PC Connection by 15,593.3% during the 1st quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after acquiring an additional 2,339 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of PC Connection during the 1st quarter worth about $281,000. Squarepoint Ops LLC raised its stake in shares of PC Connection by 18.5% during the 2nd quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock worth $362,000 after purchasing an additional 880 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of PC Connection by 11.3% during the 2nd quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock worth $366,000 after purchasing an additional 582 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than PC Connection
- 3 REITs to Buy and Hold for the Long Term
- Rocket Lab Stock Soars: Should Investors Chase the Rally?
- Health Care Stocks Explained: Why You Might Want to Invest
- KB Home Slips After Earnings: What’s Next for Homebuilders?
- What is a Dividend Harvesting Strategy and How Can Investors Profit from it?
- Micron Stock Soars as AI Demand Fuels Big Q4 Earnings Beat
Receive News & Ratings for PC Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PC Connection and related companies with MarketBeat.com's FREE daily email newsletter.