PC Connection (NASDAQ:CNXN) Shares Down 0.4% – Should You Sell?

PC Connection, Inc. (NASDAQ:CNXN) shares traded down 0.4% during mid-day trading on Wednesday . The stock traded as low as $69.22 and last traded at $69.58. 13,901 shares traded hands during trading, a decline of 83% from the average session volume of 80,224 shares. The stock had previously closed at $69.89.

Analysts Set New Price Targets

Separately, StockNews.com lowered PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday.

PC Connection Stock Up 1.8 %

The company has a market capitalization of $1.88 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63. The company has a 50-day moving average of $72.28 and a two-hundred day moving average of $68.95.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be given 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 0.56%. PC Connection’s dividend payout ratio is presently 11.73%.

Institutional Investors Weigh In On PC Connection

Several hedge funds have recently made changes to their positions in CNXN. Pacer Advisors Inc. boosted its holdings in PC Connection by 23.6% in the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after acquiring an additional 240,312 shares in the last quarter. American Century Companies Inc. boosted its holdings in PC Connection by 31.1% in the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after acquiring an additional 62,398 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in PC Connection in the third quarter worth $3,675,000. Allspring Global Investments Holdings LLC boosted its holdings in PC Connection by 34.0% in 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 holdings in PC Connection by 7.4% in the third quarter. State Street Corp now owns 495,611 shares of the company’s stock worth $37,384,000 after acquiring an additional 34,248 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors.

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.