PC Connection (NASDAQ:CNXN) Hits New 12-Month High – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN) hit a new 52-week high during trading on Tuesday . The stock traded as high as $88.58 and last traded at $88.5440, with a volume of 67939 shares. The stock had previously closed at $85.90.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Zacks Research upgraded shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Weiss Ratings lowered shares of PC Connection from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Strong Buy”.

PC Connection Trading Up 2.6%

The stock has a market cap of $2.22 billion, a PE ratio of 23.42, a PEG ratio of 2.08 and a beta of 0.85. The business has a 50-day moving average price of $81.89 and a 200 day moving average price of $71.48.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.31. PC Connection had a return on equity of 10.90% and a net margin of 3.21%.The company had revenue of $854.00 million for the quarter, compared to analyst estimates of $764.79 million. On average, equities analysts predict that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were given a $0.20 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $0.80 annualized dividend and a yield of 0.9%. PC Connection’s payout ratio is 21.16%.

Insider Activity at PC Connection

In related news, Chairman Patricia Gallup sold 7,142 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $85.42, for a total transaction of $610,069.64. Following the transaction, the chairman directly owned 6,934,901 shares of the company’s stock, valued at approximately $592,379,243.42. This trade represents a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 35,710 shares of company stock worth $2,872,655. 56.60% of the stock is currently owned by corporate insiders.

Institutional Trading of PC Connection

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC purchased a new stake in shares of PC Connection during the second quarter valued at approximately $711,000. Arizona State Retirement System bought a new stake in PC Connection during the second quarter worth about $229,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of PC Connection in the 2nd quarter worth approximately $1,468,000. Public Employees Retirement System of Ohio bought a new position in PC Connection during the 2nd quarter valued at approximately $608,000. Finally, Bank of America Corp DE purchased a new position in PC Connection during the second quarter valued at $3,080,000. 42.85% of the stock is owned by institutional investors.

PC Connection Company Profile

PC Connection, Inc (NASDAQ: CNXN) is an information technology solutions provider serving businesses, government agencies, educational institutions and other organizations. The company supplies technology products and provides services designed to help customers plan, implement and manage their IT environments.

Its offerings include computers and mobile devices, servers, storage systems, networking equipment, software, peripherals and communications products. PC Connection also provides professional and lifecycle services, including consulting, systems integration, cloud and data-center solutions, cybersecurity, managed services, deployment, configuration and technical support.

Founded in 1982, the company operates primarily in the United States through brands and business units that include Connection, GovConnection and MoreDirect.