PC Connection (NASDAQ:CNXN) Downgraded by StockNews.com to “Buy”

StockNews.com downgraded shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

PC Connection Price Performance

NASDAQ CNXN opened at $69.13 on Friday. PC Connection has a 1 year low of $56.82 and a 1 year high of $77.19. The company has a market capitalization of $1.76 billion, a PE ratio of 21.01, a P/E/G ratio of 1.96 and a beta of 0.67. The company has a fifty day moving average of $62.40 and a two-hundred day moving average of $67.35.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, April 30th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.18. PC Connection had a net margin of 3.11% and a return on equity of 9.74%. The business had revenue of $701.05 million for the quarter, compared to analysts’ expectations of $646.37 million. On average, research analysts expect that PC Connection will post 3.33 earnings per share for the current year.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Tuesday, May 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Tuesday, May 13th. PC Connection’s dividend payout ratio (DPR) is presently 18.18%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC lifted its holdings in shares of PC Connection by 178.7% during the third quarter. Barclays PLC now owns 36,002 shares of the company’s stock worth $2,717,000 after purchasing an additional 23,084 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of PC Connection by 59.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,870 shares of the company’s stock worth $2,555,000 after acquiring an additional 12,608 shares during the period. Rhumbline Advisers boosted its holdings in shares of PC Connection by 0.4% in the fourth quarter. Rhumbline Advisers now owns 85,432 shares of the company’s stock valued at $5,918,000 after acquiring an additional 298 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of PC Connection by 3.5% during the fourth quarter. Principal Financial Group Inc. now owns 63,842 shares of the company’s stock worth $4,422,000 after acquiring an additional 2,138 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in PC Connection by 8.8% during the fourth quarter. New York State Common Retirement Fund now owns 35,997 shares of the company’s stock worth $2,494,000 after purchasing an additional 2,900 shares in the last quarter. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

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.