Allspring Global Investments Holdings LLC grew its stake in PC Connection, Inc. (NASDAQ:CNXN – Get Rating) by 20.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,448 shares of the company’s stock after purchasing an additional 17,644 shares during the period. Allspring Global Investments Holdings LLC owned about 0.39% of PC Connection worth $4,619,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC acquired a new stake in shares of PC Connection in the 2nd quarter valued at approximately $28,000. KBC Group NV acquired a new stake in shares of PC Connection in the 2nd quarter valued at approximately $41,000. Covestor Ltd boosted its stake in shares of PC Connection by 2,189.7% in the 1st quarter. Covestor Ltd now owns 893 shares of the company’s stock valued at $47,000 after purchasing an additional 854 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in PC Connection by 16.9% during the 2nd quarter. Mutual of America Capital Management LLC now owns 1,853 shares of the company’s stock worth $82,000 after buying an additional 268 shares during the period. Finally, National Bank of Canada FI acquired a new stake in PC Connection during the 2nd quarter worth approximately $92,000. 42.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Separately, StockNews.com downgraded shares of PC Connection from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 10th.
PC Connection Price Performance
NASDAQ:CNXN opened at $49.76 on Tuesday. The firm’s 50 day simple moving average is $50.60 and its 200 day simple moving average is $48.65. PC Connection, Inc. has a one year low of $40.08 and a one year high of $56.68. The company has a market cap of $1.31 billion, a PE ratio of 14.14 and a beta of 0.75.
PC Connection (NASDAQ:CNXN – Get Rating) last posted its earnings results on Thursday, November 3rd. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.79 by $0.09. PC Connection had a net margin of 2.91% and a return on equity of 12.90%. The business had revenue of $775.69 million for the quarter, compared to the consensus estimate of $814.24 million. Equities research analysts expect that PC Connection, Inc. will post 3.42 EPS for the current year.
PC Connection Cuts Dividend
The company also recently declared a dividend, which was paid on Friday, December 23rd. Shareholders of record on Monday, December 5th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, December 2nd. This represents a yield of 0.61%.
Insiders Place Their Bets
In other PC Connection news, Chairman Patricia Gallup sold 3,133 shares of the firm’s stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $47.94, for a total transaction of $150,196.02. Following the completion of the transaction, the chairman now owns 7,082,609 shares in the company, valued at approximately $339,540,275.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Timothy J. McGrath sold 3,958 shares of PC Connection stock in a transaction on Monday, December 5th. The shares were sold at an average price of $53.61, for a total value of $212,188.38. Following the completion of the sale, the chief executive officer now owns 327,009 shares in the company, valued at approximately $17,530,952.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Patricia Gallup sold 3,133 shares of PC Connection stock in a transaction on Wednesday, January 11th. The shares were sold at an average price of $47.94, for a total transaction of $150,196.02. Following the completion of the sale, the chairman now owns 7,082,609 shares of the company’s stock, valued at approximately $339,540,275.46. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,004 shares of company stock worth $1,342,171. 57.50% of the stock is currently owned by insiders.
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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