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

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

Wall Street Analysts Forecast Growth

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

PC Connection Trading Up 1.4 %

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

PC Connection Dividend Announcement

The firm also recently declared 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 is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. PC Connection’s payout ratio is currently 11.73%.

Insiders Place Their Bets

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 transaction of $350,000.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 56.90% of the company’s stock.

Institutional Trading of PC Connection

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of 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 period. Barclays PLC grew its stake 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 buying an additional 23,084 shares during the period. Jane Street Group LLC grew its stake in shares of PC Connection by 195.9% in the 3rd quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after buying an additional 15,916 shares during the period. State Street Corp grew its stake in shares of PC Connection by 7.4% in the 3rd 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 during the period. Finally, Point72 DIFC Ltd acquired a new stake in shares of PC Connection in the 3rd quarter valued at about $28,000. 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.