PC Connection (NASDAQ:CNXN) Trading Up 0.4% – Still a Buy?

Shares of PC Connection, Inc. (NASDAQ:CNXN) were up 0.4% during trading on Wednesday . The stock traded as high as $74.75 and last traded at $74.05. Approximately 6,577 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 79,089 shares. The stock had previously closed at $73.79.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of PC Connection from a “hold” rating to a “buy” rating in a report on Thursday, November 28th.

PC Connection Stock Performance

The firm’s fifty day simple moving average is $72.04 and its 200 day simple moving average is $69.66. The stock has a market capitalization of $1.94 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 2.17 and a beta of 0.66.

PC Connection Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.40 annualized dividend and a dividend yield of 0.54%. PC Connection’s dividend payout ratio is currently 11.73%.

Insider Activity at PC Connection

In other PC Connection 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 value 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 56.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNXN. Victory Capital Management Inc. raised its holdings in PC Connection by 27.5% during the 3rd quarter. Victory Capital Management Inc. now owns 47,772 shares of the company’s stock worth $3,603,000 after purchasing an additional 10,314 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of PC Connection in the 3rd quarter valued at about $591,000. Millennium Management LLC grew its stake 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 purchasing an additional 33,626 shares during the period. Magnetar Financial LLC bought a new stake in PC Connection in the second quarter worth approximately $646,000. Finally, Summit Global Investments acquired a new position in PC Connection in the second quarter valued at approximately $505,000. Institutional investors 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.