PC Connection (NASDAQ:CNXN) Stock Price Up 1.6% – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN)’s share price was up 1.6% on Monday . The stock traded as high as $74.21 and last traded at $73.91. Approximately 8,925 shares were traded during trading, a decline of 89% from the average daily volume of 79,910 shares. The stock had previously closed at $72.74.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th.

PC Connection Price Performance

The company has a 50 day simple moving average of $72.29 and a 200-day simple moving average of $69.12. The stock has a market cap of $1.93 billion, a P/E ratio of 21.56, a price-to-earnings-growth ratio of 2.15 and a beta of 0.63.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date is Tuesday, November 12th. PC Connection’s dividend payout ratio is currently 11.73%.

Insiders Place Their Bets

In other news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 71,750 shares of the company’s stock, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 56.50% of the company’s stock.

Institutional Investors Weigh In On PC Connection

A number of hedge funds and other institutional investors have recently modified their holdings of CNXN. Vanguard Group Inc. grew its holdings in PC Connection by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock worth $68,625,000 after acquiring an additional 14,838 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of PC Connection by 27.5% in the third quarter. Victory Capital Management Inc. now owns 47,772 shares of the company’s stock worth $3,603,000 after purchasing an additional 10,314 shares during the last quarter. GSA Capital Partners LLP purchased a new position in PC Connection during the 3rd quarter valued at about $591,000. Millennium Management LLC increased its holdings in PC Connection by 108.0% during the 2nd quarter. Millennium Management LLC now owns 64,774 shares of the company’s stock valued at $4,158,000 after purchasing an additional 33,626 shares during the period. Finally, Magnetar Financial LLC bought a new position in PC Connection during the 2nd quarter valued at approximately $646,000. Institutional investors own 42.85% of the company’s stock.

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.