PC Connection, Inc. (NASDAQ:CNXN) Sees Large Decrease in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the target of a large decrease in short interest during the month of February. As of February 13th, there was short interest totaling 320,005 shares, a decrease of 15.4% from the January 29th total of 378,137 shares. Approximately 2.8% of the company’s stock are short sold. Based on an average daily trading volume, of 136,014 shares, the days-to-cover ratio is presently 2.4 days. Based on an average daily trading volume, of 136,014 shares, the days-to-cover ratio is presently 2.4 days. Approximately 2.8% of the company’s stock are short sold.

Analysts Set New Price Targets

CNXN has been the subject of several analyst reports. Zacks Research upgraded shares of PC Connection from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Weiss Ratings restated a “hold (c)” rating on shares of PC Connection in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

PC Connection Trading Up 1.6%

CNXN stock opened at $62.00 on Thursday. The stock has a market cap of $1.56 billion, a P/E ratio of 18.96, a P/E/G ratio of 1.61 and a beta of 0.83. The stock’s fifty day simple moving average is $60.11 and its two-hundred day simple moving average is $60.63. PC Connection has a 1-year low of $54.97 and a 1-year high of $71.17.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, February 4th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. The firm had revenue of $702.94 million during the quarter, compared to analyst estimates of $735.49 million. PC Connection had a return on equity of 9.87% and a net margin of 2.91%. As a group, analysts forecast that PC Connection will post 3.33 earnings per share for the current fiscal year.

PC Connection Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be given a $0.20 dividend. This is a positive change from PC Connection’s previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, February 17th. PC Connection’s payout ratio is presently 24.46%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CNXN. Invesco Ltd. increased its stake in shares of PC Connection by 22.1% during the 4th quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock worth $12,662,000 after purchasing an additional 39,716 shares during the last quarter. Vident Advisory LLC grew its holdings in PC Connection by 10.1% during the fourth quarter. Vident Advisory LLC now owns 9,782 shares of the company’s stock valued at $565,000 after purchasing an additional 901 shares during the period. Verdad Advisers LP purchased a new stake in PC Connection in the fourth quarter worth $473,000. Numerai GP LLC bought a new stake in shares of PC Connection in the fourth quarter valued at $1,692,000. Finally, Guggenheim Capital LLC bought a new stake in shares of PC Connection in the fourth quarter valued at $254,000. 42.85% of the stock is owned by institutional investors.

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.