Arizona State Retirement System Purchases New Shares in PC Connection, Inc. (NASDAQ:CNXN)

Arizona State Retirement System purchased a new stake in PC Connection, Inc. (NASDAQ:CNXN) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 3,303 shares of the company’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Teachers Retirement System of The State of Kentucky lifted its stake in PC Connection by 6.2% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 3,402 shares of the company’s stock worth $153,000 after acquiring an additional 198 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in PC Connection by 62.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 755 shares of the company’s stock worth $35,000 after acquiring an additional 290 shares in the last quarter. Swiss National Bank lifted its stake in PC Connection by 1.6% in the 3rd quarter. Swiss National Bank now owns 26,000 shares of the company’s stock worth $1,388,000 after acquiring an additional 400 shares in the last quarter. California State Teachers Retirement System lifted its stake in PC Connection by 3.5% in the 3rd quarter. California State Teachers Retirement System now owns 15,451 shares of the company’s stock worth $697,000 after acquiring an additional 523 shares in the last quarter. Finally, Coppell Advisory Solutions Corp. purchased a new stake in PC Connection in the 4th quarter worth about $25,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Price Performance

CNXN opened at $62.82 on Monday. PC Connection, Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $70.55. The business has a 50-day moving average of $65.43 and a 200-day moving average of $62.97. The company has a market capitalization of $1.66 billion, a PE ratio of 19.88, a price-to-earnings-growth ratio of 1.80 and a beta of 0.66.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.02. PC Connection had a return on equity of 10.55% and a net margin of 2.92%. The company had revenue of $696.47 million during the quarter, compared to the consensus estimate of $673.51 million. On average, equities research analysts expect that PC Connection, Inc. will post 3.5 earnings per share for the current fiscal year.

PC Connection Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, February 26th. This is an increase from PC Connection’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.64%. PC Connection’s dividend payout ratio (DPR) is 12.66%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday.

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.