PC Connection (NASDAQ:CNXN) Stock Price Up 1.4% – Time to Buy?

Shares of PC Connection, Inc. (NASDAQ:CNXN) shot up 1.4% during trading on Friday . The company traded as high as $72.97 and last traded at $72.74. 5,750 shares were traded during mid-day trading, a decline of 93% from the average session volume of 80,000 shares. The stock had previously closed at $71.73.

Analyst Upgrades and Downgrades

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

PC Connection Stock Up 1.4 %

The company’s fifty day simple moving average is $72.29 and its two-hundred day simple moving average is $69.04. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 2.12 and a beta of 0.63.

PC Connection Announces Dividend

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

Insider Transactions at PC Connection

In related news, Director Negrini David Beffa sold 5,000 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now directly owns 71,750 shares in the company, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 56.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PC Connection

A number of large investors have recently bought and sold shares of CNXN. Geode Capital Management LLC increased its stake in PC Connection by 7.2% in the 3rd quarter. Geode Capital Management LLC now owns 346,130 shares of the company’s stock valued at $26,113,000 after buying an additional 23,358 shares during the last quarter. Barclays PLC grew its holdings in shares of PC Connection by 178.7% in the 3rd quarter. Barclays PLC now owns 36,002 shares of the company’s stock valued at $2,717,000 after acquiring an additional 23,084 shares in the last quarter. Jane Street Group LLC increased its position in shares of PC Connection by 195.9% in the third quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after acquiring an additional 15,916 shares during the last quarter. State Street Corp raised its holdings in PC Connection by 7.4% during 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. Finally, Point72 DIFC Ltd acquired a new position in PC Connection during the third quarter valued at approximately $28,000. 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.