Insider Selling: PC Connection, Inc. (NASDAQ:CNXN) Director Sells 5,000 Shares of Stock

PC Connection, Inc. (NASDAQ:CNXN) Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The shares were 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 approximately $5,022,500. The trade was a 6.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

PC Connection Trading Up 1.4 %

CNXN stock opened at $72.74 on Friday. The firm has a market cap of $1.91 billion, a PE ratio of 21.33, a PEG ratio of 2.12 and a beta of 0.63. PC Connection, Inc. has a 1 year low of $57.47 and a 1 year high of $77.19. The company has a fifty day simple moving average of $72.29 and a 200 day simple moving average of $68.97.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Tuesday, November 12th. PC Connection’s dividend payout ratio is 11.73%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Martingale Asset Management L P lifted its position in PC Connection by 0.4% during the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock worth $2,798,000 after acquiring an additional 140 shares during the last quarter. Amalgamated Bank lifted its position in PC Connection by 4.6% during the 3rd quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after acquiring an additional 154 shares during the last quarter. New York State Teachers Retirement System lifted its position in PC Connection by 4.9% during the 3rd quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock worth $348,000 after acquiring an additional 216 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in PC Connection by 5.3% during the 3rd quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock worth $453,000 after acquiring an additional 300 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in PC Connection during the 3rd quarter worth $28,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.