PC Connection (NASDAQ:CNXN) Hits New 1-Year High – What’s Next?

PC Connection, Inc. (NASDAQ:CNXN) shares hit a new 52-week high on Thursday . The company traded as high as $75.76 and last traded at $75.31, with a volume of 68814 shares traded. The stock had previously closed at $74.90.

Analyst Ratings Changes

A number of analysts have commented on CNXN shares. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

PC Connection Trading Up 0.6%

The company has a market cap of $1.90 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 1.89 and a beta of 0.88. The business’s 50 day moving average price is $69.01 and its 200-day moving average price is $63.41.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. The business had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. Equities research analysts forecast that PC Connection, Inc. will post 3.93 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. PC Connection’s dividend payout ratio is presently 23.26%.

Insider Activity at PC Connection

In other news, Chairman Patricia Gallup sold 7,384 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44. Following the transaction, the chairman owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 28,592 shares of company stock valued at $2,048,512 over the last 90 days. 56.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd increased its position in PC Connection by 71.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock worth $10,264,000 after buying an additional 68,906 shares during the period. UBS Group AG boosted its position in shares of PC Connection by 189.9% in the fourth quarter. UBS Group AG now owns 89,814 shares of the company’s stock valued at $5,188,000 after acquiring an additional 58,831 shares during the period. Millennium Management LLC boosted its position in shares of PC Connection by 98.8% in the first quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock valued at $7,193,000 after acquiring an additional 57,257 shares during the period. Invesco Ltd. grew its stake in shares of PC Connection by 22.1% in the fourth quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock valued at $12,662,000 after acquiring an additional 39,716 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of PC Connection in the second quarter valued at about $2,585,000. 42.85% of the stock is owned by institutional investors and hedge funds.

PC Connection Company Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.