Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $610,069.64 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $85.42, for a total value of $610,069.64. Following the transaction, the chairman directly owned 6,934,901 shares of the company’s stock, valued at $592,379,243.42. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, September 1st, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $78.96, for a total value of $563,932.32.
• On Monday, August 17th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $78.64, for a total value of $561,646.88.
• On Tuesday, August 4th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $86.34, for a total value of $616,640.28.
• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $72.86, for a total value of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $69.73, for a total transaction of $498,011.66.

PC Connection Stock Up 0.3%

Shares of NASDAQ:CNXN opened at $86.68 on Friday. PC Connection, Inc. has a fifty-two week low of $54.97 and a fifty-two week high of $88.35. The firm’s 50 day moving average price is $81.74 and its 200 day moving average price is $71.23. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 22.93, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.00 by $0.31. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The company had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $764.79 million. On average, equities analysts anticipate that PC Connection, Inc. will post 4.18 EPS for the current year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. PC Connection’s payout ratio is presently 21.16%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings cut PC Connection from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday. Zacks Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy”.

Institutional Investors Weigh In On PC Connection

Several hedge funds and other institutional investors have recently bought and sold shares of CNXN. Hsbc Holdings PLC acquired a new position in PC Connection during the second quarter worth approximately $1,138,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of PC Connection by 137.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock valued at $3,661,000 after acquiring an additional 35,358 shares during the period. PDT Partners LLC acquired a new stake in shares of PC Connection in the second quarter valued at approximately $3,557,000. Sei Investments Co. grew its position in shares of PC Connection by 150.2% during the first quarter. Sei Investments Co. now owns 27,384 shares of the company’s stock worth $1,601,000 after acquiring an additional 16,441 shares during the last quarter. Finally, Denali Advisors LLC grew its position in shares of PC Connection by 19.1% during the second quarter. Denali Advisors LLC now owns 99,200 shares of the company’s stock worth $7,241,000 after acquiring an additional 15,900 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN) is an information technology solutions provider serving businesses, government agencies, educational institutions and other organizations. The company supplies technology products and provides services designed to help customers plan, implement and manage their IT environments.

Its offerings include computers and mobile devices, servers, storage systems, networking equipment, software, peripherals and communications products. PC Connection also provides professional and lifecycle services, including consulting, systems integration, cloud and data-center solutions, cybersecurity, managed services, deployment, configuration and technical support.

Founded in 1982, the company operates primarily in the United States through brands and business units that include Connection, GovConnection and MoreDirect.