PC Connection, Inc. $CNXN Shares Acquired by SG Americas Securities LLC

SG Americas Securities LLC lifted its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 115.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,407 shares of the company’s stock after acquiring an additional 32,912 shares during the quarter. SG Americas Securities LLC’s holdings in PC Connection were worth $3,590,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Qube Research & Technologies Ltd boosted its holdings in PC Connection by 71.3% in the third quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock valued at $10,264,000 after purchasing an additional 68,906 shares during the period. UBS Group AG increased its holdings in PC Connection by 189.9% during the 4th quarter. UBS Group AG now owns 89,814 shares of the company’s stock worth $5,188,000 after purchasing an additional 58,831 shares during the period. Millennium Management LLC raised its position in PC Connection by 98.8% in the 1st quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock valued at $7,193,000 after purchasing an additional 57,257 shares in the last quarter. Invesco Ltd. grew its position in shares of PC Connection by 22.1% during the fourth quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock worth $12,662,000 after buying an additional 39,716 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of PC Connection during the second quarter worth about $2,585,000. 42.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PC Connection news, Chairman Patricia Gallup sold 7,384 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44. Following the sale, the chairman owned 7,027,747 shares of the company’s stock, valued at approximately $505,365,286.77. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 21,450 shares of company stock valued at $1,528,146 in the last 90 days. Corporate insiders own 56.60% of the company’s stock.

Analysts Set New Price Targets

CNXN has been the topic of several analyst reports. Wall Street Zen raised shares of PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

PC Connection Price Performance

PC Connection stock opened at $72.99 on Wednesday. The stock has a market cap of $1.84 billion, a PE ratio of 21.22, a P/E/G ratio of 1.84 and a beta of 0.88. The stock’s fifty day moving average is $67.88 and its two-hundred day moving average is $62.86. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $75.00.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. PC Connection had a return on equity of 10.17% and a net margin of 3.02%.The business had revenue of $721.87 million during the quarter, compared to analysts’ expectations of $696.09 million. On average, research analysts expect that PC Connection, Inc. will post 3.93 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 12th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 12th. PC Connection’s dividend payout ratio is 23.26%.

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.