Hsbc Holdings PLC Increases Position in PC Connection, Inc. (NASDAQ:CNXN)

Hsbc Holdings PLC raised its position in PC Connection, Inc. (NASDAQ:CNXN) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,726 shares of the company’s stock after purchasing an additional 582 shares during the period. Hsbc Holdings PLC’s holdings in PC Connection were worth $366,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. 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 holdings in shares of PC Connection by 15,593.3% in the 1st 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 in the last quarter. Acadian Asset Management LLC acquired a new position in shares of PC Connection in the 1st quarter valued at $281,000. Illinois Municipal Retirement Fund boosted its holdings in shares of PC Connection by 3.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock valued at $428,000 after buying an additional 211 shares in the last quarter. Finally, Bailard Inc. acquired a new position in shares of PC Connection in the 2nd quarter valued at $494,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

PC Connection Price Performance

Shares of NASDAQ:CNXN opened at $73.03 on Thursday. The stock has a market cap of $1.92 billion, a P/E ratio of 23.41, a P/E/G ratio of 2.12 and a beta of 0.62. The firm has a fifty day moving average price of $71.16 and a 200 day moving average price of $67.08. PC Connection, Inc. has a 1-year low of $51.63 and a 1-year high of $77.19.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. The company had revenue of $736.48 million during 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%. Sell-side analysts expect that PC Connection, Inc. 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 given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. PC Connection’s payout ratio is currently 12.82%.

Analyst Ratings Changes

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

Insiders Place Their Bets

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 shares were sold at an average price of $70.18, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 56.90% of the stock is owned by insiders.

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.