PC Connection (NASDAQ:CNXN) Stock Price Down 1.2% – What’s Next?

Shares of PC Connection, Inc. (NASDAQ:CNXN) fell 1.2% during mid-day trading on Wednesday . The stock traded as low as $72.85 and last traded at $72.85. 5,940 shares traded hands during trading, a decline of 93% from the average session volume of 79,879 shares. The stock had previously closed at $73.75.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded PC Connection from a “hold” rating to a “buy” rating in a research report on Thursday.

PC Connection Trading Down 0.9 %

The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 2.16 and a beta of 0.63. The firm has a 50-day moving average price of $72.18 and a 200-day moving average price of $69.30.

PC Connection Dividend Announcement

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

Insider Buying and Selling

In related news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 71,750 shares in the company, valued at $5,022,500. The trade was a 6.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 56.90% of the company’s stock.

Hedge Funds Weigh In On PC Connection

A number of hedge funds have recently modified their holdings of CNXN. Pacer Advisors Inc. grew its holdings in shares of PC Connection by 23.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after acquiring an additional 240,312 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of PC Connection by 31.1% during the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after buying an additional 62,398 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of PC Connection during the third quarter valued at $3,675,000. Allspring Global Investments Holdings LLC grew its holdings in shares of PC Connection by 34.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock valued at $10,552,000 after buying an additional 35,505 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of PC Connection by 7.4% during the third quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after buying an additional 34,248 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

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.