Walleye Capital LLC Reduces Position in PC Connection, Inc. $CNXN

Walleye Capital LLC trimmed its position in PC Connection, Inc. (NASDAQ:CNXN) by 76.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,329 shares of the company’s stock after selling 13,678 shares during the quarter. Walleye Capital LLC’s holdings in PC Connection were worth $253,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Qube Research & Technologies Ltd raised its position in shares of PC Connection by 71.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock valued at $10,264,000 after purchasing an additional 68,906 shares during the period. UBS Group AG lifted its position in shares of PC Connection by 189.9% in the fourth quarter. UBS Group AG now owns 89,814 shares of the company’s stock valued at $5,188,000 after acquiring an additional 58,831 shares in the last quarter. Millennium Management LLC lifted its position in shares of PC Connection by 98.8% in the first quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock valued at $7,193,000 after acquiring an additional 57,257 shares in the last quarter. Invesco Ltd. boosted its stake in shares of PC Connection by 22.1% in the fourth quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock worth $12,662,000 after acquiring an additional 39,716 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of PC Connection during the second quarter worth about $2,585,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Stock Up 1.5%

NASDAQ:CNXN opened at $81.23 on Friday. PC Connection, Inc. has a 52-week low of $54.97 and a 52-week high of $82.38. The stock has a fifty day simple moving average of $72.44 and a 200-day simple moving average of $65.07. The company has a market capitalization of $2.05 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The firm had revenue of $721.87 million during the quarter, compared to the consensus estimate of $696.09 million. As a group, equities analysts anticipate that PC Connection, Inc. will post 3.93 earnings per share for the current year.

PC Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th were issued a $0.20 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.80 annualized dividend and a yield of 1.0%. PC Connection’s payout ratio is 23.26%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CNXN. Wall Street Zen upgraded PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Insiders Place Their Bets

In related news, Chairman Patricia Gallup sold 7,384 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total value of $530,983.44. Following the completion of the sale, the chairman directly owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 28,592 shares of company stock worth $2,048,512 in the last quarter. Corporate insiders own 56.60% of the company’s stock.

PC Connection Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.