PC Connection (NASDAQ:CNXN) Reaches New 1-Year High – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $75.30 and last traded at $74.6810, with a volume of 12414 shares changing hands. The stock had previously closed at $72.99.

Analyst Upgrades and Downgrades

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

PC Connection Price Performance

The company has a 50 day moving average price of $67.88 and a 200 day moving average price of $62.86. The firm has a market cap of $1.88 billion, a PE ratio of 21.68, a PEG ratio of 1.84 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. PC Connection had a return on equity of 10.17% and a net margin of 3.02%.The firm had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. On average, equities analysts anticipate that PC Connection, Inc. will post 3.93 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, May 12th. PC Connection’s payout ratio is presently 23.26%.

Insider Activity

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $69.73, for a total value of $498,011.66. Following the sale, the chairman owned 7,020,605 shares of the company’s stock, valued at $489,546,786.65. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 21,450 shares of company stock valued at $1,528,146 over the last quarter. 56.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PC Connection

Several hedge funds have recently made changes to their positions in CNXN. EverSource Wealth Advisors LLC grew 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 purchasing an additional 500 shares during the period. PNC Financial Services Group Inc. grew its stake in PC Connection by 196.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock valued at $39,000 after purchasing an additional 417 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of PC Connection by 200.4% in the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after buying an additional 473 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of PC Connection in the 1st quarter worth about $44,000. Finally, Quarry LP bought a new stake in PC Connection in the third quarter valued at about $75,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

About PC Connection

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.