PC Connection, Inc. (NASDAQ:CNXN) Short Interest Update

PC Connection, Inc. (NASDAQ:CNXN – Get Rating) was the recipient of a large growth in short interest in the month of November. As of November 30th, there was short interest totaling 352,700 shares, a growth of 15.8% from the November 15th total of 304,600 shares. Based on an average trading volume of 40,400 shares, the short-interest ratio is currently 8.7 days. Currently, 8.6% of the company’s shares are sold short.

PC Connection Trading Down 3.3 %

Shares of CNXN stock traded down $1.65 on Thursday, hitting $48.97. The stock had a trading volume of 59,422 shares, compared to its average volume of 44,787. PC Connection has a twelve month low of $40.08 and a twelve month high of $56.68. The firm has a market cap of $1.29 billion, a P/E ratio of 13.91 and a beta of 0.70. The company has a fifty day moving average price of $51.06 and a two-hundred day moving average price of $48.06.

PC Connection (NASDAQ:CNXN – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. The firm had revenue of $775.69 million during the quarter, compared to analyst estimates of $814.24 million. PC Connection had a net margin of 2.91% and a return on equity of 12.90%. On average, analysts expect that PC Connection will post 3.42 earnings per share for the current year.

PC Connection Cuts Dividend

The business also recently announced a dividend, which will be paid on Friday, December 23rd. Investors of record on Monday, December 5th will be paid a $0.34 dividend. This represents a yield of 0.61%. The ex-dividend date of this dividend is Friday, December 2nd.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of PC Connection from a “strong-buy” rating to a “buy” rating in a report on Friday, November 4th.

Insiders Place Their Bets

In other PC Connection news, Chairman Patricia Gallup sold 3,000 shares of PC Connection stock in a transaction on Wednesday, December 7th. The shares were sold at an average price of $52.31, for a total transaction of $156,930.00. Following the completion of the sale, the chairman now owns 7,117,497 shares of the company’s stock, valued at approximately $372,316,268.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other PC Connection news, Chairman Patricia Gallup sold 3,000 shares of PC Connection stock in a transaction on Wednesday, December 7th. The shares were sold at an average price of $52.31, for a total transaction of $156,930.00. Following the completion of the sale, the chairman now owns 7,117,497 shares of the company’s stock, valued at approximately $372,316,268.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy J. McGrath sold 3,958 shares of the business’s stock in a transaction on Monday, December 5th. The shares were sold at an average price of $53.61, for a total transaction of $212,188.38. Following the completion of the transaction, the chief executive officer now directly owns 327,009 shares of the company’s stock, valued at approximately $17,530,952.49. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,148 shares of company stock valued at $913,579. Company insiders own 57.50% of the company’s stock.

Hedge Funds Weigh In On PC Connection

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in PC Connection by 0.5% in the 3rd quarter. BlackRock Inc. now owns 2,424,211 shares of the company’s stock worth $109,309,000 after purchasing an additional 11,723 shares during the period. Vanguard Group Inc. boosted its stake in PC Connection by 8.5% in the 3rd quarter. Vanguard Group Inc. now owns 869,443 shares of the company’s stock worth $39,204,000 after purchasing an additional 68,430 shares during the period. State Street Corp lifted its position in PC Connection by 2.2% during the 2nd quarter. State Street Corp now owns 419,608 shares of the company’s stock worth $18,484,000 after buying an additional 8,834 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in PC Connection by 11.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 211,969 shares of the company’s stock worth $9,338,000 after buying an additional 21,093 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in PC Connection by 5.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 197,678 shares of the company’s stock worth $10,356,000 after buying an additional 10,520 shares in the last quarter. 41.32% of the stock is owned by institutional investors and hedge funds.

About PC Connection

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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.