PC Connection (NASDAQ:CNXN) Director Sells $405,250.00 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Director David Beffa-Negrini sold 5,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $81.05, for a total value of $405,250.00. Following the sale, the director owned 60,875 shares in the company, valued at $4,933,918.75. The trade was a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

PC Connection Price Performance

Shares of CNXN opened at $92.81 on Friday. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $93.89. The stock has a fifty day moving average price of $84.70 and a 200 day moving average price of $74.44. The company has a market cap of $2.34 billion, a P/E ratio of 24.55, a PEG ratio of 2.18 and a beta of 0.81.

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

PC Connection Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings upgraded shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday. Zacks Research lowered PC Connection from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Institutional Trading of PC Connection

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in shares of PC Connection by 200.4% in the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after acquiring an additional 473 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of PC Connection during the first quarter valued at approximately $44,000. Principal Financial Group Inc. increased its stake in shares of PC Connection by 2.0% during the first quarter. Principal Financial Group Inc. now owns 55,201 shares of the company’s stock valued at $3,227,000 after acquiring an additional 1,071 shares during the period. Quantbot Technologies LP bought a new stake in PC Connection during the second quarter worth approximately $105,000. Finally, Bank of New York Mellon Corp raised its holdings in PC Connection by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 138,286 shares of the company’s stock worth $8,084,000 after purchasing an additional 1,650 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors.

About PC Connection

PC Connection, Inc is an information technology solutions provider that supplies computer hardware, software, networking equipment, peripherals and related technology products to organizations in the United States. The company serves businesses, government agencies and educational institutions through its Connection brand and online and sales channels.

In addition to product distribution, PC Connection provides technology services designed to help customers plan, deploy and manage IT environments.