Acadian Asset Management LLC Reduces Position in PC Connection, Inc. (CNXN)
Acadian Asset Management LLC lowered its position in PC Connection, Inc. (NASDAQ:CNXN) by 7.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,747 shares of the company’s stock after selling 4,930 shares during the quarter. Acadian Asset Management LLC’s holdings in PC Connection were worth $2,265,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. New York State Teachers Retirement System purchased a new position in PC Connection in the first quarter worth approximately $37,000. Quantamental Technologies LLC purchased a new position in PC Connection in the fourth quarter worth approximately $39,000. Great West Life Assurance Co. Can purchased a new position in PC Connection in the fourth quarter worth approximately $58,000. Legal & General Group Plc lifted its stake in PC Connection by 23.6% in the fourth quarter. Legal & General Group Plc now owns 2,255 shares of the company’s stock worth $67,000 after acquiring an additional 431 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in PC Connection by 345.9% in the first quarter. BNP Paribas Arbitrage SA now owns 2,399 shares of the company’s stock worth $88,000 after acquiring an additional 1,861 shares during the last quarter. Institutional investors own 41.16% of the company’s stock.
CNXN has been the subject of a number of recent research reports. BidaskClub downgraded shares of PC Connection from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Zacks Investment Research upgraded shares of PC Connection from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Friday, February 8th. Sidoti downgraded shares of PC Connection from a “buy” rating to a “neutral” rating and set a $40.00 price objective for the company. in a research report on Friday, February 15th. Finally, ValuEngine downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $40.00.
PC Connection (NASDAQ:CNXN) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.04. The business had revenue of $632.92 million during the quarter, compared to the consensus estimate of $647.08 million. PC Connection had a net margin of 2.44% and a return on equity of 12.51%. The company’s revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 EPS. On average, equities research analysts forecast that PC Connection, Inc. will post 2.5 EPS for the current year.
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.
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