PC Connection (NASDAQ:CNXN) Chairman Sells $661,063.52 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $92.56, for a total transaction of $661,063.52. Following the completion of the transaction, the chairman directly owned 6,920,617 shares in the company, valued at $640,572,309.52. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, October 6th, Patricia Gallup sold 6,230 shares of PC Connection stock. The stock was sold at an average price of $92.08, for a total transaction of $573,658.40.
• On Monday, September 14th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $85.42, for a total value of $610,069.64.
• On Tuesday, September 1st, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $78.96, for a total transaction of $563,932.32.
• On Monday, August 17th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $78.64, for a total transaction of $561,646.88.
• On Tuesday, August 4th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $86.34, for a total transaction of $616,640.28.

PC Connection Trading Up 2.1%

CNXN opened at $92.81 on Friday. The company has a 50 day moving average of $84.70 and a 200 day moving average of $74.44. The company has a market cap of $2.34 billion, a PE ratio of 24.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.81. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $93.89.

PC Connection (NASDAQ:CNXN) last issued its earnings results 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 net margin of 3.21% and a return on equity of 10.90%. The business had revenue of $854.00 million for the quarter, compared to analysts’ expectations of $764.79 million. Research analysts forecast that PC Connection, Inc. will post 4.18 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

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

Institutional Investors Weigh In On PC Connection

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in PC Connection during the second quarter worth about $158,833,000. Dimensional Fund Advisors LP raised its holdings in shares of PC Connection by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company’s stock valued at $89,237,000 after acquiring an additional 4,345 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of PC Connection by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 138,286 shares of the company’s stock valued at $8,084,000 after acquiring an additional 1,650 shares in the last quarter. Denali Advisors LLC boosted its position in shares of PC Connection by 19.1% during the 2nd quarter. Denali Advisors LLC now owns 99,200 shares of the company’s stock valued at $7,241,000 after acquiring an additional 15,900 shares during the last quarter. Finally, Man Group plc bought a new stake in shares of PC Connection during the 2nd quarter valued at about $6,925,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Wall Street Analyst Weigh In

CNXN has been the subject of a number of recent analyst reports. Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Zacks Research downgraded shares of PC Connection from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

PC Connection Company Profile

PC Connection, Inc is an information technology solutions provider that supplies computer hardware, software, networking equipment, peripherals and related technology products to organizations in the United States. The company serves businesses, government agencies and educational institutions through its Connection brand and online and sales channels.

In addition to product distribution, PC Connection provides technology services designed to help customers plan, deploy and manage IT environments.