PC Connection, Inc. (NASDAQ:CNXN – Get Rating) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totaling 325,000 shares, a decline of 7.9% from the November 30th total of 352,700 shares. Based on an average daily volume of 47,000 shares, the short-interest ratio is currently 6.9 days. Currently, 7.8% of the shares of the company are short sold.
Insider Buying and Selling at PC Connection
In other PC Connection news, Chairman Patricia Gallup sold 3,290 shares of the company’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $54.07, for a total value of $177,890.30. Following the transaction, the chairman now directly owns 7,128,512 shares in the company, valued at $385,438,643.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Timothy J. McGrath sold 3,958 shares of the company’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $53.61, for a total value of $212,188.38. Following the transaction, the chief executive officer now directly owns 327,009 shares in the company, valued at $17,530,952.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Patricia Gallup sold 3,290 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $54.07, for a total transaction of $177,890.30. Following the completion of the transaction, the chairman now owns 7,128,512 shares in the company, valued at $385,438,643.84. The disclosure for this sale can be found here. Insiders have sold a total of 19,581 shares of company stock worth $1,038,562 over the last ninety days. Insiders own 57.50% of the company’s stock.
Institutional Investors Weigh In On PC Connection
A number of large investors have recently bought and sold shares of CNXN. Vanguard Group Inc. grew its stake in PC Connection by 8.5% during the third quarter. Vanguard Group Inc. now owns 869,443 shares of the company’s stock worth $39,204,000 after buying an additional 68,430 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of PC Connection by 768.6% in the third quarter. Los Angeles Capital Management LLC now owns 40,797 shares of the company’s stock worth $1,840,000 after acquiring an additional 36,100 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of PC Connection in the second quarter worth about $1,218,000. Goldman Sachs Group Inc. lifted its holdings in shares of PC Connection by 11.1% in the second quarter. Goldman Sachs Group Inc. now owns 211,969 shares of the company’s stock worth $9,338,000 after acquiring an additional 21,093 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of PC Connection by 20.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 102,448 shares of the company’s stock worth $4,619,000 after acquiring an additional 17,644 shares during the last quarter. 42.51% of the stock is currently owned by institutional investors and hedge funds.
PC Connection Stock Performance
CNXN stock opened at $46.90 on Tuesday. The company’s 50-day simple moving average is $51.25 and its 200 day simple moving average is $48.36. PC Connection has a 52 week low of $40.08 and a 52 week high of $56.68. The company has a market capitalization of $1.23 billion, a PE ratio of 13.32 and a beta of 0.75.
PC Connection (NASDAQ:CNXN – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. The firm had revenue of $775.69 million for the quarter, compared to the consensus estimate of $814.24 million. PC Connection had a net margin of 2.91% and a return on equity of 12.90%. On average, analysts forecast that PC Connection will post 3.42 EPS for the current year.
PC Connection Cuts Dividend
The company also recently disclosed a dividend, which was paid on Friday, December 23rd. Shareholders of record on Monday, December 5th were paid a dividend of $0.34 per share. The ex-dividend date was Friday, December 2nd. This represents a yield of 0.61%.
Analyst Upgrades and Downgrades
Separately, StockNews.com upgraded shares of PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Monday.
PC Connection Company Profile
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PC Connection, Inc., together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.
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