PC Connection, Inc. (NASDAQ:CNXN) Short Interest Down 15.5% in October

PC Connection, Inc. (NASDAQ:CNXN) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 215,200 shares, a decline of 15.5% from the October 15th total of 254,600 shares. Based on an average daily volume of 89,100 shares, the short-interest ratio is presently 2.4 days. Currently, 1.8% of the company’s stock are short sold.

Analyst Ratings Changes

Separately, StockNews.com upgraded PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 29th.

Institutional Trading of PC Connection

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of PC Connection by 7.2% in the 3rd quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock valued at $26,113,000 after buying an additional 23,358 shares during the last quarter. Barclays PLC lifted its stake in PC Connection by 178.7% in the third quarter. Barclays PLC now owns 36,002 shares of the company’s stock valued at $2,717,000 after acquiring an additional 23,084 shares during the last quarter. Jane Street Group LLC grew its position in shares of PC Connection by 195.9% in the 3rd quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after acquiring an additional 15,916 shares during the period. State Street Corp increased its stake in shares of PC Connection by 7.4% during the 3rd quarter. State Street Corp now owns 495,611 shares of the company’s stock worth $37,384,000 after purchasing an additional 34,248 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of PC Connection in the 3rd quarter valued at about $28,000. Institutional investors own 42.85% of the company’s stock.

PC Connection Stock Down 1.7 %

CNXN traded down $1.21 during trading hours on Friday, hitting $70.15. 72,653 shares of the company’s stock were exchanged, compared to its average volume of 80,803. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 2.12 and a beta of 0.63. PC Connection has a 1-year low of $57.47 and a 1-year high of $77.19. The stock’s 50-day moving average is $72.27 and its two-hundred day moving average is $68.76.

PC Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Tuesday, November 12th. PC Connection’s payout ratio is 11.73%.

About PC Connection

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.