PC Connection (NASDAQ:CNXN) Stock Price Down 0.4% – Here’s Why

Shares of PC Connection, Inc. (NASDAQ:CNXN) dropped 0.4% during mid-day trading on Wednesday . The company traded as low as $69.22 and last traded at $69.58. Approximately 13,901 shares were traded during trading, a decline of 83% from the average daily volume of 80,224 shares. The stock had previously closed at $69.89.

Analysts Set New Price Targets

Separately, StockNews.com raised PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 29th.

PC Connection Trading Down 0.7 %

The company has a market capitalization of $1.83 billion, a P/E ratio of 20.40, a PEG ratio of 2.07 and a beta of 0.63. The firm’s 50 day moving average price is $72.27 and its two-hundred day moving average price is $68.94.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Tuesday, November 12th. PC Connection’s dividend payout ratio (DPR) is currently 11.73%.

Institutional Investors Weigh In On PC Connection

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 DIFC Ltd acquired a new stake in shares of PC Connection in the third quarter valued at about $28,000. Signaturefd LLC raised its stake in shares of PC Connection by 328.1% during the 3rd quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after purchasing an additional 374 shares in the last quarter. CWM LLC boosted its holdings in shares of PC Connection by 125.5% in the 3rd quarter. CWM LLC now owns 850 shares of the company’s stock valued at $64,000 after buying an additional 473 shares during the last quarter. Innealta Capital LLC acquired a new position in PC Connection during the second quarter worth $60,000. Finally, nVerses Capital LLC raised its position in PC Connection by 1,000.0% during the third quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock worth $83,000 after acquiring an additional 1,000 shares in the last quarter. 42.85% of the stock is owned by institutional investors.

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.