PC Connection (NASDAQ:CNXN) Shares Down 1.2% – What’s Next?

Shares of PC Connection, Inc. (NASDAQ:CNXN) fell 1.2% on Wednesday . The company traded as low as $72.85 and last traded at $72.85. 5,940 shares traded hands during trading, a decline of 93% from the average session volume of 79,879 shares. The stock had previously closed at $73.75.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded PC Connection from a “hold” rating to a “buy” rating in a report on Thursday.

PC Connection Stock Down 0.9 %

The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 2.16 and a beta of 0.63. The business has a 50-day moving average of $72.18 and a 200-day moving average of $69.30.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. PC Connection’s payout ratio is 11.73%.

Insider Activity at PC Connection

In other PC Connection news, Director Negrini David Beffa sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the sale, the director now owns 71,750 shares of the company’s stock, valued at $5,022,500. The trade was a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 56.90% of the company’s stock.

Institutional Trading of PC Connection

A number of institutional investors and hedge funds have recently made changes to their positions in CNXN. Pacer Advisors Inc. lifted its position in shares of PC Connection by 23.6% in the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after buying an additional 240,312 shares during the last quarter. American Century Companies Inc. lifted its position in shares of PC Connection by 31.1% in the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after buying an additional 62,398 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of PC Connection in the third quarter worth about $3,675,000. Allspring Global Investments Holdings LLC lifted its position in shares of PC Connection by 34.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock worth $10,552,000 after purchasing an additional 35,505 shares during the last quarter. Finally, State Street Corp boosted its stake in PC Connection by 7.4% during the 3rd quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after purchasing an additional 34,248 shares during the period. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.