Public Sector Pension Investment Board lifted its position in PC Connection, Inc. (NASDAQ:CNXN – Free Report) by 6.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 24,942 shares of the company’s stock after purchasing an additional 1,493 shares during the quarter. Public Sector Pension Investment Board owned 0.09% of PC Connection worth $1,601,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in CNXN. Innealta Capital LLC acquired a new position in PC Connection in the second quarter valued at about $60,000. Lazard Asset Management LLC raised its position in PC Connection by 15,593.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock valued at $155,000 after purchasing an additional 2,339 shares during the last quarter. Acadian Asset Management LLC acquired a new position in PC Connection in the first quarter worth $281,000. Hsbc Holdings PLC grew its holdings in shares of PC Connection by 11.3% during the second quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock worth $366,000 after purchasing an additional 582 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in shares of PC Connection by 3.4% in the first quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock valued at $428,000 after buying an additional 211 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.
Insider Transactions at PC Connection
In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the transaction, the chief executive officer now directly owns 277,691 shares in the company, valued at $19,488,354.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 56.90% of the stock is owned by corporate insiders.
PC Connection Price Performance
PC Connection (NASDAQ:CNXN – Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.83 by $0.17. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. The company had revenue of $736.48 million during the quarter, compared to analysts’ expectations of $703.50 million. On average, sell-side analysts expect that PC Connection, Inc. will post 3.55 EPS for the current year.
PC Connection Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 13th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.53%. The ex-dividend date was Tuesday, August 13th. PC Connection’s dividend payout ratio (DPR) is presently 12.82%.
Analyst Upgrades and Downgrades
Separately, StockNews.com raised shares of PC Connection from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 29th.
Read Our Latest Research Report on CNXN
PC Connection 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.
Recommended Stories
- Five stocks we like better than PC Connection
- What is Insider Trading? What You Can Learn from Insider Trading
- TJX Stock: A Buying Opportunity Before the Holiday Rush
- How to Use the MarketBeat Stock Screener
- Micron’s Blowout Results Pave the Way for Seagate’s Stock Surge
- 3 Small Caps With Big Return Potential
- Zeta Global’s AI Cloud: Your Secret Weapon for Massive Growth
Want to see what other hedge funds are holding CNXN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PC Connection, Inc. (NASDAQ:CNXN – Free Report).
Receive News & Ratings for PC Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PC Connection and related companies with MarketBeat.com's FREE daily email newsletter.