PC Connection (NASDAQ:CNXN) Stock Price Down 0.8% - Here's Why

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report)'s share price traded down 0.8% on Thursday . The company traded as low as $72.83 and last traded at $73.58. 9,819 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 79,450 shares. The stock had previously closed at $74.14.

Analyst Upgrades and Downgrades

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

PC Connection Price Performance

The company's fifty day moving average price is $72.16 and its 200 day moving average price is $69.51. The company has a market cap of $1.93 billion, a PE ratio of 21.58, a P/E/G ratio of 2.20 and a beta of 0.66.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were issued a $0.10 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. PC Connection's dividend payout ratio is currently 11.73%.

Insider Buying and Selling

In other news, Director Negrini David Beffa sold 5,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 71,750 shares in the company, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 56.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PC Connection

A number of large investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in shares of PC Connection by 23.6% in the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company's stock valued at $80,781,000 after acquiring an additional 240,312 shares during the period. State Street Corp lifted its position in PC Connection by 7.4% during the third quarter. State Street Corp now owns 495,611 shares of the company's stock valued at $37,384,000 after purchasing an additional 34,248 shares during the last quarter. Geode Capital Management LLC lifted its position in PC Connection by 7.2% during the third quarter. Geode Capital Management LLC now owns 346,130 shares of the company's stock valued at $26,113,000 after purchasing an additional 23,358 shares during the last quarter. American Century Companies Inc. lifted its position in PC Connection by 31.1% during the second quarter. American Century Companies Inc. now owns 262,993 shares of the company's stock valued at $16,884,000 after purchasing an additional 62,398 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in PC Connection by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 244,818 shares of the company's stock valued at $18,467,000 after purchasing an additional 10,925 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors.

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.

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