PC Connection (NASDAQ:CNXN) Reaches New 1-Year High – What’s Next?

PC Connection, Inc. (NASDAQ:CNXN) reached a new 52-week high during trading on Wednesday . The company traded as high as $88.35 and last traded at $87.3090, with a volume of 93108 shares traded. The stock had previously closed at $85.20.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Weiss Ratings upgraded PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to data from MarketBeat.com, PC Connection has a consensus rating of “Strong Buy”.

PC Connection Trading Up 2.3%

The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 2.05 and a beta of 0.85. The stock’s 50 day moving average is $81.10 and its two-hundred day moving average is $70.76.

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

PC Connection Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were issued 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 dividend payout ratio (DPR) is presently 21.16%.

Insider Transactions at PC Connection

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $78.96, for a total value of $563,932.32. Following the sale, the chairman owned 6,949,185 shares in the company, valued at approximately $548,707,647.60. The trade was a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 35,710 shares of company stock valued at $2,760,597. 56.60% of the stock is currently owned by company insiders.

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in PC Connection during the second quarter worth $158,833,000. Dimensional Fund Advisors LP lifted its position in PC Connection by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company’s stock worth $89,237,000 after buying an additional 4,345 shares in the last quarter. Bank of New York Mellon Corp lifted its position in PC Connection by 1.2% during the 1st quarter. Bank of New York Mellon Corp now owns 138,286 shares of the company’s stock worth $8,084,000 after buying an additional 1,650 shares in the last quarter. Denali Advisors LLC boosted its stake in shares of PC Connection by 19.1% during the 2nd quarter. Denali Advisors LLC now owns 99,200 shares of the company’s stock worth $7,241,000 after buying an additional 15,900 shares during the last quarter. Finally, Man Group plc bought a new position in shares of PC Connection in the 2nd quarter valued at about $6,925,000. 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.