Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $610,069.64 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $85.42, for a total transaction of $610,069.64. Following the completion of the sale, the chairman directly owned 6,934,901 shares in the company, valued at $592,379,243.42. This trade represents a 0.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, September 1st, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $78.96, for a total value of $563,932.32.
• On Monday, August 17th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $78.64, for a total value of $561,646.88.
• On Tuesday, August 4th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $86.34, for a total value of $616,640.28.
• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $72.86, for a total value of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $69.73, for a total transaction of $498,011.66.

PC Connection Trading Up 2.3%

Shares of PC Connection stock traded up $1.92 during mid-day trading on Wednesday, hitting $87.12. 174,602 shares of the stock were exchanged, compared to its average volume of 110,768. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 2.04 and a beta of 0.85. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $88.35. The company has a 50-day simple moving average of $81.35 and a 200 day simple moving average of $70.95.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.31. The business had revenue of $854.00 million for the quarter, compared to the consensus estimate of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. Equities research analysts forecast that PC Connection, Inc. will post 4.18 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 11th. PC Connection’s payout ratio is 21.16%.

Analysts Set New Price Targets

CNXN has been the subject of several recent research reports. Weiss Ratings raised shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. Zacks Research raised shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. One investment 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, the stock currently has a consensus rating of “Strong Buy”.

Institutional Investors Weigh In On PC Connection

Several hedge funds have recently modified their holdings of CNXN. Parallel Advisors LLC boosted its position in PC Connection by 200.4% in the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock valued at $41,000 after buying an additional 473 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of PC Connection during the first quarter worth about $44,000. Quantbot Technologies LP acquired a new position in shares of PC Connection in the second quarter worth about $105,000. Fifth Third Bancorp lifted its stake in shares of PC Connection by 1,551.2% in the first quarter. Fifth Third Bancorp now owns 2,675 shares of the company’s stock worth $156,000 after acquiring an additional 2,513 shares in the last quarter. Finally, Arizona State Retirement System purchased a new position in PC Connection in the second quarter valued at about $229,000. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

PC Connection Company Profile

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.