PC Connection (NASDAQ:CNXN) Trading 1.4% Higher – Should You Buy?

PC Connection, Inc. (NASDAQ:CNXN)’s share price shot up 1.4% on Friday . The stock traded as high as $72.97 and last traded at $72.74. 5,750 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 80,000 shares. The stock had previously closed at $71.73.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday.

PC Connection Trading Up 1.6 %

The stock has a market capitalization of $1.92 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63. The firm’s fifty day moving average is $72.28 and its 200-day moving average is $68.95.

PC Connection Dividend Announcement

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

Hedge Funds Weigh In On PC Connection

Several institutional investors have recently bought and sold shares of CNXN. Pacer Advisors Inc. increased its stake in PC Connection by 23.6% during the 2nd 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 period. Vanguard Group Inc. increased its holdings in PC Connection by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock worth $68,625,000 after purchasing an additional 14,838 shares during the period. State Street Corp raised its position in PC Connection by 7.4% in 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 in the last quarter. Geode Capital Management LLC boosted its stake 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 period. Finally, American Century Companies Inc. grew its position in shares of PC Connection by 31.1% during 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 in the last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

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.