JPMorgan Chase & Co. Acquires 12,608 Shares of PC Connection, Inc. (NASDAQ:CNXN)

JPMorgan Chase & Co. raised its position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 59.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,870 shares of the company's stock after purchasing an additional 12,608 shares during the quarter. JPMorgan Chase & Co. owned 0.13% of PC Connection worth $2,555,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. lifted its stake in shares of PC Connection by 27.5% during 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. GSA Capital Partners LLP purchased a new position in shares of PC Connection in the third quarter valued at about $591,000. Geode Capital Management LLC boosted its stake in shares of PC Connection by 7.2% in the third quarter. Geode Capital Management LLC now owns 346,130 shares of the company's stock worth $26,113,000 after acquiring an additional 23,358 shares during the period. Millennium Management LLC grew its position in shares of PC Connection by 108.0% during the second quarter. Millennium Management LLC now owns 64,774 shares of the company's stock worth $4,158,000 after purchasing an additional 33,626 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in PC Connection in the 2nd quarter worth approximately $646,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of PC Connection from a "hold" rating to a "buy" rating in a report on Thursday, November 28th.

Insiders Place Their Bets

In other news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 71,750 shares in the company, valued at approximately $5,022,500. The trade was a 6.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 56.50% of the company's stock.

PC Connection Stock Up 1.7 %

NASDAQ CNXN traded up $1.18 on Tuesday, reaching $72.39. The company had a trading volume of 53,520 shares, compared to its average volume of 62,185. The stock has a market capitalization of $1.90 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 1.94 and a beta of 0.67. PC Connection, Inc. has a 12 month low of $57.47 and a 12 month high of $77.19. The firm's 50 day moving average price is $71.40 and its 200 day moving average price is $70.84.

PC Connection Dividend Announcement

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

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.