PC Connection (NASDAQ:CNXN) Shares Up 1.2% – Time to Buy?

PC Connection, Inc. (NASDAQ:CNXN)’s stock price shot up 1.2% during mid-day trading on Thursday . The stock traded as high as $71.44 and last traded at $71.20. 8,328 shares were traded during mid-day trading, a decline of 90% from the average session volume of 80,108 shares. The stock had previously closed at $70.38.

Analyst Upgrades and Downgrades

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

PC Connection Price Performance

The firm has a 50-day moving average price of $72.29 and a 200 day moving average price of $68.97. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 2.12 and a beta of 0.63.

PC Connection Announces Dividend

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

Insider Activity

In related 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 transaction of $350,000.00. Following the sale, the director now owns 71,750 shares of the company’s stock, valued at $5,022,500. This represents a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 56.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On PC Connection

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in PC Connection by 1.4% during the first quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock worth $68,625,000 after buying an additional 14,838 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in PC Connection during the third quarter worth approximately $591,000. Millennium Management LLC grew its position in PC Connection by 108.0% during 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 in the last quarter. Magnetar Financial LLC acquired a new stake in PC Connection during the second quarter worth approximately $646,000. Finally, Victory Capital Management Inc. grew its position in PC Connection by 319.4% during the second quarter. Victory Capital Management Inc. now owns 37,458 shares of the company’s stock worth $2,405,000 after buying an additional 28,526 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Company 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.