StockNews.com upgraded shares of PC Connection (NASDAQ:CNXN - Free Report) from a hold rating to a buy rating in a report released on Thursday morning.
PC Connection Trading Down 0.9 %
Shares of PC Connection stock traded down $0.70 during trading on Thursday, reaching $73.05. The company's stock had a trading volume of 54,514 shares, compared to its average volume of 80,094. The company has a 50-day moving average price of $72.24 and a two-hundred day moving average price of $69.28. PC Connection has a fifty-two week low of $57.47 and a fifty-two week high of $77.19. The firm has a market cap of $1.92 billion, a PE ratio of 21.42, a P/E/G ratio of 2.17 and a beta of 0.63.
PC Connection Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.10 per share. The ex-dividend date is 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 11.73%.
Insider Buying and Selling
In other news, Director Negrini David Beffa sold 5,000 shares of the company'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. This represents 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 this link. Corporate insiders own 56.50% of the company's stock.
Hedge Funds Weigh In On PC Connection
Institutional investors have recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new stake in shares of PC Connection in the third quarter valued at about $28,000. Signaturefd LLC boosted its holdings in PC Connection by 328.1% in the 3rd quarter. Signaturefd LLC now owns 488 shares of the company's stock valued at $37,000 after purchasing an additional 374 shares in the last quarter. Innealta Capital LLC purchased a new stake in PC Connection in the 2nd quarter valued at approximately $60,000. CWM LLC increased its position in PC Connection by 125.5% during the 3rd quarter. CWM LLC now owns 850 shares of the company's stock worth $64,000 after purchasing an additional 473 shares during the period. Finally, nVerses Capital LLC lifted its holdings in shares of PC Connection by 1,000.0% in the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company's stock valued at $83,000 after buying an additional 1,000 shares during the period. 42.85% of the stock is owned by institutional investors and hedge funds.
About PC Connection
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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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