PC Connection (NASDAQ:CNXN) Stock Price Up 3.1% – Here’s What Happened

Shares of PC Connection, Inc. (NASDAQ:CNXN) rose 3.1% during trading on Tuesday . The company traded as high as $61.64 and last traded at $62.00. Approximately 9,323 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 81,197 shares. The stock had previously closed at $60.13.

Wall Street Analyst Weigh In

Separately, StockNews.com raised PC Connection from a “hold” rating to a “buy” rating in a research note on Thursday, November 28th.

PC Connection Stock Up 2.3 %

The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 18.63, a P/E/G ratio of 1.96 and a beta of 0.61. The stock has a 50 day moving average of $67.24 and a 200 day moving average of $70.30.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). PC Connection had a net margin of 3.11% and a return on equity of 9.74%. During the same period last year, the company posted $0.90 earnings per share. As a group, analysts predict that PC Connection, Inc. will post 3.33 EPS for the current fiscal year.

PC Connection Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, February 25th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $0.60 annualized dividend and a dividend yield of 0.98%. This is an increase from PC Connection’s previous quarterly dividend of $0.10. PC Connection’s dividend payout ratio is currently 18.24%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CNXN. Point72 DIFC Ltd bought a new stake in PC Connection in the third quarter valued at approximately $28,000. New Age Alpha Advisors LLC bought a new stake in PC Connection in the fourth quarter valued at approximately $40,000. Public Employees Retirement System of Ohio boosted its holdings in PC Connection by 143.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company’s stock valued at $77,000 after acquiring an additional 657 shares during the last quarter. Graham Capital Management L.P. bought a new stake in PC Connection in the fourth quarter valued at approximately $202,000. Finally, Intech Investment Management LLC bought a new stake in PC Connection in the third quarter valued at approximately $243,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

About PC Connection

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.