Balyasny Asset Management L.P. Sells 12,090 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Balyasny Asset Management L.P. trimmed its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 46.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,077 shares of the company’s stock after selling 12,090 shares during the quarter. Balyasny Asset Management L.P. owned about 0.05% of PC Connection worth $975,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNXN. New Age Alpha Advisors LLC bought a new position in PC Connection during the fourth quarter worth $40,000. EntryPoint Capital LLC boosted its position in PC Connection by 8.3% during the fourth quarter. EntryPoint Capital LLC now owns 3,220 shares of the company’s stock worth $223,000 after purchasing an additional 248 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in PC Connection during the fourth quarter worth $282,000. Tower Research Capital LLC TRC boosted its position in PC Connection by 156.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,209 shares of the company’s stock worth $292,000 after purchasing an additional 2,570 shares during the period. Finally, Hsbc Holdings PLC boosted its position in PC Connection by 33.7% during the fourth quarter. Hsbc Holdings PLC now owns 4,968 shares of the company’s stock worth $341,000 after purchasing an additional 1,252 shares during the period. 42.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of PC Connection from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 9th.

PC Connection Stock Performance

Shares of PC Connection stock opened at $69.59 on Thursday. The firm has a 50-day moving average of $62.76 and a 200-day moving average of $67.35. The stock has a market cap of $1.77 billion, a PE ratio of 21.15, a PEG ratio of 1.96 and a beta of 0.67. PC Connection, Inc. has a 52-week low of $56.82 and a 52-week high of $77.19.

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

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.86%. PC Connection’s payout ratio is presently 18.18%.

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.