StockNews.com Begins Coverage on PC Connection (NASDAQ:CNXN)

StockNews.com started coverage on shares of PC Connection (NASDAQ:CNXN – Get Rating) in a report published on Thursday. The firm issued a buy rating on the stock.

PC Connection Trading Down 1.6 %

Shares of NASDAQ:CNXN opened at $42.67 on Thursday. PC Connection has a twelve month low of $40.71 and a twelve month high of $56.68. The company’s 50 day moving average is $45.94 and its 200 day moving average is $48.07. The company has a market cap of $1.12 billion, a PE ratio of 12.62 and a beta of 0.77.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Tuesday, February 21st were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, February 17th. This represents a $0.32 annualized dividend and a yield of 0.75%. PC Connection’s dividend payout ratio is presently 9.47%.

Insiders Place Their Bets

In other PC Connection news, Chairman Patricia Gallup sold 4,111 shares of the company’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $48.21, for a total value of $198,191.31. Following the sale, the chairman now owns 7,072,268 shares in the company, valued at approximately $340,954,040.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 16,487 shares of company stock worth $802,107. Corporate insiders own 57.50% of the company’s stock.

Institutional Investors Weigh In On PC Connection

Several hedge funds have recently bought and sold shares of CNXN. Bank of New York Mellon Corp boosted its position in PC Connection by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 146,379 shares of the company’s stock worth $7,669,000 after purchasing an additional 587 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of PC Connection during the 1st quarter valued at approximately $242,000. Citigroup Inc. lifted its position in shares of PC Connection by 11.7% during the 1st quarter. Citigroup Inc. now owns 9,570 shares of the company’s stock valued at $501,000 after buying an additional 1,006 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of PC Connection during the 1st quarter valued at approximately $172,000. Finally, MetLife Investment Management LLC lifted its position in shares of PC Connection by 64.0% during the 1st quarter. MetLife Investment Management LLC now owns 5,816 shares of the company’s stock valued at $305,000 after buying an additional 2,269 shares in the last quarter. Hedge funds and other institutional investors own 42.51% of the company’s stock.

About PC Connection

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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.