PC Connection, Inc. (NASDAQ:CNXN) Short Interest Down 15.5% in October

PC Connection, Inc. (NASDAQ:CNXN) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 215,200 shares, a decline of 15.5% from the October 15th total of 254,600 shares. Based on an average daily volume of 89,100 shares, the short-interest ratio is currently 2.4 days. Approximately 1.8% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of PC Connection from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 29th.

Institutional Trading of PC Connection

A number of institutional investors and hedge funds have recently modified their holdings of CNXN. Martingale Asset Management L P boosted its holdings in shares of PC Connection by 0.4% in the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock valued at $2,798,000 after buying an additional 140 shares during the period. Amalgamated Bank grew its position in shares of PC Connection by 4.6% during the third 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 boosted its stake 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 valued at $348,000 after purchasing an additional 216 shares during the period. Louisiana State Employees Retirement System boosted its stake 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 valued at $453,000 after purchasing an additional 300 shares during the period. Finally, Point72 DIFC Ltd bought a new position in PC Connection in the 3rd quarter worth about $28,000. 42.85% of the stock is owned by institutional investors and hedge funds.

PC Connection Stock Down 0.6 %

NASDAQ:CNXN traded down $0.45 during trading hours on Monday, reaching $69.70. 61,933 shares of the stock were exchanged, compared to its average volume of 80,718. PC Connection has a 52 week low of $57.47 and a 52 week high of $77.19. The stock has a market capitalization of $1.83 billion, a P/E ratio of 20.44, a P/E/G ratio of 2.07 and a beta of 0.63. The firm has a 50 day simple moving average of $72.27 and a 200-day simple moving average of $68.88.

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 paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.40 annualized dividend and a yield of 0.57%. PC Connection’s payout ratio is 11.73%.

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.