State Street Corp Acquires 34,248 Shares of PC Connection, Inc. (NASDAQ:CNXN)

State Street Corp boosted its holdings in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 7.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 495,611 shares of the company's stock after acquiring an additional 34,248 shares during the quarter. State Street Corp owned approximately 1.89% of PC Connection worth $37,384,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased 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 worth $3,603,000 after purchasing an additional 10,314 shares during the last quarter. GSA Capital Partners LLP acquired a new position in PC Connection during the third quarter worth $591,000. Millennium Management LLC lifted its position in shares of PC Connection by 108.0% in the second quarter. Millennium Management LLC now owns 64,774 shares of the company's stock worth $4,158,000 after buying an additional 33,626 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of PC Connection during the 2nd quarter worth about $646,000. Finally, Acadian Asset Management LLC boosted its stake in shares of PC Connection by 467.7% during the 2nd quarter. Acadian Asset Management LLC now owns 24,326 shares of the company's stock worth $1,558,000 after acquiring an additional 20,041 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Negrini David Beffa sold 5,000 shares of the 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 sale, the director now directly owns 71,750 shares of the company's stock, valued at approximately $5,022,500. This 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 this hyperlink. Company insiders own 56.90% of the company's stock.

Wall Street Analysts Forecast Growth

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 Down 2.5 %

NASDAQ:CNXN opened at $69.00 on Friday. The company's 50 day moving average is $71.88 and its 200-day moving average is $69.91. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 2.14 and a beta of 0.66. PC Connection, Inc. has a 12 month low of $57.47 and a 12 month high of $77.19.

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 issued a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.40 annualized dividend and a yield of 0.58%. PC Connection's dividend payout ratio (DPR) is presently 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.