Public Employees Retirement System of Ohio Makes New $608,000 Investment in PC Connection, Inc. $CNXN

Public Employees Retirement System of Ohio purchased a new stake in PC Connection, Inc. (NASDAQ:CNXN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,329 shares of the company’s stock, valued at approximately $608,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CNXN. EverSource Wealth Advisors LLC lifted its holdings in shares of PC Connection by 625.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the period. PNC Financial Services Group Inc. increased its position in PC Connection by 196.7% during the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after purchasing an additional 417 shares during the last quarter. Parallel Advisors LLC increased its position in PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after purchasing an additional 473 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in PC Connection during the first quarter worth approximately $44,000. Finally, Quarry LP purchased a new position in PC Connection during the third quarter worth approximately $75,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Price Performance

NASDAQ CNXN opened at $82.59 on Friday. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $88.31. The firm has a market capitalization of $2.08 billion, a P/E ratio of 21.85, a P/E/G ratio of 1.98 and a beta of 0.85. The business’s 50-day simple moving average is $80.37 and its 200-day simple moving average is $70.23.

PC Connection (NASDAQ:CNXN) last posted 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. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The firm had revenue of $854.00 million during the quarter, compared to the consensus estimate of $764.79 million. On average, equities research analysts expect that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. PC Connection’s dividend payout ratio is presently 21.16%.

Insider Activity at PC Connection

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

Wall Street Analysts Forecast Growth

CNXN has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Zacks Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Strong Buy”.

PC Connection Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.