PC Connection (NASDAQ:CNXN) Shares Down 1.4% – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN)’s share price dropped 1.4% on Tuesday . The stock traded as low as $74.13 and last traded at $74.37. Approximately 7,871 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 79,561 shares. The stock had previously closed at $75.45.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded PC Connection from a “hold” rating to a “buy” rating in a research note on Thursday, November 28th.

PC Connection Trading Down 1.4 %

The stock has a market cap of $1.95 billion, a P/E ratio of 21.81, a price-to-earnings-growth ratio of 2.14 and a beta of 0.66. The stock has a 50 day simple moving average of $72.14 and a 200 day simple moving average of $69.43.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Tuesday, November 12th. PC Connection’s dividend payout ratio is presently 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.

Hedge Funds Weigh In On PC Connection

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased 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 acquiring an additional 23,358 shares in the last quarter. Barclays PLC raised its holdings in shares of PC Connection by 178.7% during the third quarter. Barclays PLC now owns 36,002 shares of the company’s stock valued at $2,717,000 after purchasing 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 boosted its holdings in PC Connection by 7.4% in 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 shares of PC Connection during the third quarter worth approximately $28,000. 42.85% of the stock is 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.