PDT Partners LLC Cuts Stake in PCM, Inc. (PCMI)
PDT Partners LLC lowered its position in shares of PCM, Inc. (NASDAQ:PCMI) by 6.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,364 shares of the specialty retailer’s stock after selling 2,595 shares during the period. PDT Partners LLC owned about 0.29% of PCM worth $682,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in PCMI. Nationwide Fund Advisors increased its stake in shares of PCM by 12.7% during the first quarter. Nationwide Fund Advisors now owns 34,640 shares of the specialty retailer’s stock valued at $972,000 after buying an additional 3,900 shares during the period. Bank of New York Mellon Corp increased its stake in shares of PCM by 13.2% during the first quarter. Bank of New York Mellon Corp now owns 21,492 shares of the specialty retailer’s stock valued at $603,000 after buying an additional 2,509 shares during the period. Parametric Portfolio Associates LLC purchased a new position in shares of PCM during the first quarter valued at $210,000. Trexquant Investment LP purchased a new position in shares of PCM during the first quarter valued at $217,000. Finally, SG Americas Securities LLC purchased a new position in shares of PCM during the first quarter valued at $149,000. Hedge funds and other institutional investors own 62.58% of the company’s stock.
PCM, Inc. (NASDAQ:PCMI) opened at 14.10 on Friday. The stock has a market cap of $177.58 million, a price-to-earnings ratio of 11.29 and a beta of 0.88. PCM, Inc. has a 52 week low of $11.80 and a 52 week high of $31.20. The stock’s 50 day moving average price is $13.28 and its 200 day moving average price is $18.74.
PCM (NASDAQ:PCMI) last issued its quarterly earnings results on Wednesday, July 26th. The specialty retailer reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.02). PCM had a return on equity of 17.32% and a net margin of 0.73%. The company had revenue of $560.11 million for the quarter, compared to analysts’ expectations of $595.74 million. During the same quarter last year, the company earned $0.68 EPS. PCM’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, analysts forecast that PCM, Inc. will post $2.00 earnings per share for the current year.
PCM announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 9th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 6.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
Several equities analysts have recently commented on PCMI shares. BidaskClub upgraded PCM from a “hold” rating to a “buy” rating in a research note on Saturday, July 15th. B. Riley restated a “buy” rating and set a $33.00 price target on shares of PCM in a research note on Sunday, July 30th. Finally, ValuEngine lowered PCM from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $28.23.
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PCM, Inc is a multi-vendor provider of technology solutions, including hardware products, software and services, offered through its dedicated sales force, field and internal service teams, direct marketing channels, and owned and operated data centers. The Company’s segments include Commercial, Public Sector, Canada and United Kingdom.
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