StockNews.com Lowers PC Connection (NASDAQ:CNXN) to Buy

StockNews.com cut shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a buy rating in a report published on Friday.

PC Connection Trading Down 0.5 %

Shares of CNXN opened at $63.38 on Friday. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 20.06, a P/E/G ratio of 1.83 and a beta of 0.66. The business’s fifty day simple moving average is $65.06 and its two-hundred day simple moving average is $63.37. PC Connection has a 12 month low of $38.13 and a 12 month high of $70.55.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.02. PC Connection had a return on equity of 10.55% and a net margin of 2.92%. The firm had revenue of $696.47 million for the quarter, compared to the consensus estimate of $673.51 million. As a group, research analysts forecast that PC Connection will post 3.48 EPS for the current year.

PC Connection Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were paid a $0.10 dividend. The ex-dividend date was Monday, February 26th. This is a positive change from PC Connection’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.63%. PC Connection’s payout ratio is currently 12.66%.

Institutional Investors Weigh In On PC Connection

A number of large investors have recently added to or reduced their stakes in CNXN. Arizona State Retirement System purchased a new position in shares of PC Connection in the 4th quarter worth $222,000. Maryland State Retirement & Pension System bought a new position in PC Connection in the third quarter valued at about $222,000. Jump Financial LLC purchased a new position in PC Connection in the third quarter worth about $272,000. Truist Financial Corp bought a new stake in shares of PC Connection during the 4th quarter valued at about $352,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of PC Connection during the 4th quarter valued at about $383,000. Institutional investors 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.