PC Connection (NASDAQ:CNXN) Shares Up 7.7% After Earnings Beat

PC Connection, Inc. (NASDAQ:CNXN) was up 7.7% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $67.54 and last traded at $66.81. Approximately 65,507 shares traded hands during trading, a decline of 32% from the average daily volume of 96,303 shares. The stock had previously closed at $62.04.

The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.18. PC Connection had a net margin of 3.11% and a return on equity of 9.74%. The company had revenue of $701.05 million for the quarter, compared to analysts’ expectations of $646.37 million.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Tuesday, May 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Tuesday, May 13th. PC Connection’s dividend payout ratio (DPR) is presently 18.18%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On PC Connection

A number of institutional investors have recently added to or reduced their stakes in CNXN. Farther Finance Advisors LLC grew its holdings in shares of PC Connection by 23,450.0% during the first quarter. Farther Finance Advisors LLC now owns 471 shares of the company’s stock worth $30,000 after purchasing an additional 469 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in PC Connection in the 4th quarter worth approximately $40,000. Public Employees Retirement System of Ohio increased its holdings in shares of PC Connection by 143.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company’s stock worth $77,000 after buying an additional 657 shares during the last quarter. CWM LLC raised its position in shares of PC Connection by 67.4% during the 1st quarter. CWM LLC now owns 1,637 shares of the company’s stock valued at $102,000 after buying an additional 659 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of PC Connection by 333.4% during the 1st quarter. GAMMA Investing LLC now owns 2,167 shares of the company’s stock worth $135,000 after acquiring an additional 1,667 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors.

PC Connection Stock Up 2.5 %

The firm’s 50-day moving average is $61.90 and its 200-day moving average is $67.52. The company has a market capitalization of $1.76 billion, a PE ratio of 20.69, a price-to-earnings-growth ratio of 1.96 and a beta of 0.67.

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.