PC Connection (NASDAQ:CNXN) Trading 1.3% Higher - Here's Why

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report)'s share price rose 1.3% during trading on Monday . The stock traded as high as $74.68 and last traded at $74.48. Approximately 4,720 shares changed hands during trading, a decline of 94% from the average daily volume of 79,221 shares. The stock had previously closed at $73.50.

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 Stock Up 1.3 %

The business has a 50-day simple moving average of $72.06 and a two-hundred day simple moving average of $69.58. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 21.84, a P/E/G ratio of 2.17 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. Investors of record on Tuesday, November 12th were paid 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 0.54%. 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 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 directly owns 71,750 shares of the company's stock, valued at $5,022,500. This trade represents a 6.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 56.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PC Connection

Several hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in PC Connection by 23.6% during the 2nd 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 in the last quarter. American Century Companies Inc. boosted its stake in shares of PC Connection by 31.1% during the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company's stock valued at $16,884,000 after buying an additional 62,398 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of PC Connection in the third quarter worth $3,675,000. Allspring Global Investments Holdings LLC raised its holdings in shares of PC Connection by 34.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company's stock worth $10,552,000 after acquiring an additional 35,505 shares in the last quarter. Finally, State Street Corp boosted 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. 42.85% of the stock is owned by hedge funds and other 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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