PC Connection, Inc. (NASDAQ:CNXN) Short Interest Update

PC Connection, Inc. (NASDAQ:CNXN) saw a significant decrease in short interest in September. As of September 15th, there was short interest totalling 285,700 shares, a decrease of 6.1% from the August 31st total of 304,300 shares. Based on an average trading volume of 101,000 shares, the days-to-cover ratio is presently 2.8 days. Approximately 2.4% of the company’s shares are short sold.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, CEO Timothy J. Mcgrath sold 15,377 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 277,691 shares in the company, valued at $19,488,354.38. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 56.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CNXN. Innealta Capital LLC bought a new stake in PC Connection during the second quarter valued at approximately $60,000. Lazard Asset Management LLC boosted its position in shares of PC Connection by 15,593.3% during the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock valued at $155,000 after buying an additional 2,339 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of PC Connection during the first quarter valued at approximately $281,000. Squarepoint Ops LLC lifted its holdings in PC Connection by 18.5% in the second quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock valued at $362,000 after acquiring an additional 880 shares during the period. Finally, Hsbc Holdings PLC increased its stake in shares of PC Connection by 11.3% in 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. 42.85% of the stock is owned by institutional investors.

PC Connection Stock Down 2.3 %

CNXN traded down $1.74 during trading on Tuesday, hitting $73.69. The company’s stock had a trading volume of 10,319 shares, compared to its average volume of 82,404. PC Connection has a twelve month low of $51.63 and a twelve month high of $77.19. The stock’s fifty day moving average price is $71.06 and its 200-day moving average price is $67.02. The firm has a market capitalization of $1.94 billion, a P/E ratio of 24.18, a PEG ratio of 2.08 and a beta of 0.62.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.17. The business had revenue of $736.48 million for the quarter, compared to analyst estimates of $703.50 million. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. Equities research analysts expect that PC Connection will post 3.55 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Tuesday, August 13th. PC Connection’s dividend payout ratio (DPR) is 12.82%.

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.