PC Connection (NASDAQ:CNXN) Trading Down 1.2% – Time to Sell?

PC Connection, Inc. (NASDAQ:CNXN)’s share price was down 1.2% on Wednesday . The company traded as low as $72.85 and last traded at $72.85. Approximately 5,940 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 79,879 shares. The stock had previously closed at $73.75.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

PC Connection Price Performance

The stock has a market capitalization of $1.92 billion, a P/E ratio of 21.36, a P/E/G ratio of 2.17 and a beta of 0.63. The firm has a 50-day simple moving average of $72.26 and a 200 day simple moving average of $69.25.

PC Connection Dividend Announcement

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

Insider Buying and Selling at PC Connection

In related news, Director Negrini David Beffa sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the director now owns 71,750 shares in the company, valued at $5,022,500. The trade was a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 56.50% of the company’s stock.

Institutional Investors Weigh In On PC Connection

Several institutional investors and hedge funds have recently made changes to their positions in CNXN. Victory Capital Management Inc. increased its position in PC Connection by 27.5% in the 3rd quarter. Victory Capital Management Inc. now owns 47,772 shares of the company’s stock valued at $3,603,000 after buying an additional 10,314 shares in the last quarter. Vanguard Group Inc. raised its position in shares of PC Connection by 1.4% during the first 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. GSA Capital Partners LLP bought a new position in shares of PC Connection in the 3rd quarter worth $591,000. Millennium Management LLC grew its position in PC Connection by 108.0% in the 2nd quarter. Millennium Management LLC now owns 64,774 shares of the company’s stock valued at $4,158,000 after purchasing an additional 33,626 shares during the period. Finally, Magnetar Financial LLC bought a new stake in PC Connection during the 2nd quarter valued at $646,000. Institutional investors own 42.85% of the company’s stock.

PC Connection Company Profile

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.