StockNews.com Upgrades PC Connection (NASDAQ:CNXN) to Buy

StockNews.com upgraded shares of PC Connection (NASDAQ:CNXN) from a hold rating to a buy rating in a research note published on Thursday morning.

PC Connection Stock Performance

CNXN stock opened at $72.58 on Thursday. PC Connection has a fifty-two week low of $57.47 and a fifty-two week high of $77.19. The company’s 50 day moving average price is $72.12 and its 200 day moving average price is $69.37. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 2.14 and a beta of 0.63.

PC Connection Dividend Announcement

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

Insider Buying and Selling

In related news, Director Negrini David Beffa sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 56.90% of the company’s stock.

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNXN. Vanguard Group Inc. grew its position in shares of PC Connection by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock valued at $68,625,000 after buying an additional 14,838 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of PC Connection by 15,593.3% during the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after purchasing an additional 2,339 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of PC Connection by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock valued at $534,000 after purchasing an additional 499 shares during the last quarter. Summit Global Investments acquired a new stake in shares of PC Connection in the 2nd quarter valued at about $505,000. Finally, Bailard Inc. purchased a new position in PC Connection during the 2nd quarter worth approximately $494,000. Institutional investors and hedge funds 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.