Millennium Management LLC Buys 33,626 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Millennium Management LLC raised its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 108.0% during the second quarter, HoldingsChannel reports. The fund owned 64,774 shares of the company’s stock after acquiring an additional 33,626 shares during the quarter. Millennium Management LLC’s holdings in PC Connection were worth $4,158,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CNXN. Illinois Municipal Retirement Fund boosted its stake in shares of PC Connection by 3.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock worth $428,000 after purchasing an additional 211 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of PC Connection by 6.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock valued at $534,000 after buying an additional 499 shares during the period. Hsbc Holdings PLC grew its stake in shares of PC Connection by 11.3% during the second quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock valued at $366,000 after buying an additional 582 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of PC Connection by 18.5% in 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 during the period. Finally, Innealta Capital LLC bought a new stake in shares of PC Connection during the 2nd quarter worth approximately $60,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Insider Buying and Selling at PC Connection

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of the company’s 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 sale, the chief executive officer now directly owns 277,691 shares in the company, valued at approximately $19,488,354.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 56.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

PC Connection Trading Up 1.1 %

NASDAQ CNXN opened at $73.69 on Friday. The stock has a market cap of $1.94 billion, a PE ratio of 23.62, a PEG ratio of 2.11 and a beta of 0.62. PC Connection, Inc. has a 12 month low of $51.63 and a 12 month high of $77.19. The company’s 50-day moving average price is $71.67 and its 200-day moving average price is $67.55.

PC Connection (NASDAQ:CNXN) last issued its earnings results on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. The business had revenue of $736.48 million for the quarter, compared to the consensus estimate of $703.50 million. PC Connection had a net margin of 3.22% and a return on equity of 10.51%. As a group, sell-side analysts forecast that PC Connection, Inc. will post 3.52 earnings per share for the current year.

PC Connection Dividend Announcement

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. The ex-dividend date was Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.54%. PC Connection’s payout ratio is currently 12.82%.

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.