7,862 Shares in PC Connection, Inc. (NASDAQ:CNXN) Bought by Summit Global Investments

Summit Global Investments bought a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,862 shares of the company’s stock, valued at approximately $505,000.

Several other large investors have also bought and sold shares of CNXN. Louisiana State Employees Retirement System bought a new position in PC Connection during the 4th quarter worth $383,000. Truist Financial Corp acquired a new stake in shares of PC Connection in the 4th quarter valued at about $352,000. Charles Schwab Investment Management Inc. grew its stake in shares of PC Connection by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 232,936 shares of the company’s stock valued at $15,656,000 after buying an additional 3,812 shares during the period. TD Asset Management Inc grew its stake in shares of PC Connection by 4.5% in the 4th quarter. TD Asset Management Inc now owns 16,100 shares of the company’s stock valued at $1,082,000 after buying an additional 700 shares during the period. Finally, Campbell & CO Investment Adviser LLC grew its stake in shares of PC Connection by 80.7% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 24,577 shares of the company’s stock valued at $1,652,000 after buying an additional 10,979 shares during the period. 42.85% of the stock is owned by institutional investors.

PC Connection Price Performance

Shares of CNXN traded up $0.94 during trading hours on Wednesday, hitting $70.44. The stock had a trading volume of 23,528 shares, compared to its average volume of 77,266. The firm has a 50 day simple moving average of $66.34 and a 200-day simple moving average of $65.78. The firm has a market capitalization of $1.86 billion, a P/E ratio of 22.28, a price-to-earnings-growth ratio of 1.87 and a beta of 0.61. PC Connection, Inc. has a 1-year low of $51.63 and a 1-year high of $76.39.

PC Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 13th will be given a $0.10 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $0.40 annualized dividend and a yield of 0.57%. PC Connection’s payout ratio is 12.82%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded PC Connection from a “strong-buy” rating to a “buy” rating in a research note on Wednesday.

Insider Activity at PC Connection

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the transaction, the chief executive officer now owns 277,691 shares of the company’s stock, valued at approximately $19,488,354.38. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 56.90% of the stock is owned by insiders.

PC Connection 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.