PC Connection, Inc. $CNXN Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its position in PC Connection, Inc. (NASDAQ:CNXN) by 13.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,606 shares of the company’s stock after selling 567 shares during the quarter. Maryland State Retirement & Pension System’s holdings in PC Connection were worth $225,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of PC Connection by 26,952.8% during the first quarter. GAMMA Investing LLC now owns 135,264 shares of the company’s stock worth $8,443,000 after buying an additional 134,764 shares during the period. Lazard Asset Management LLC raised its stake in PC Connection by 131.3% during the 4th quarter. Lazard Asset Management LLC now owns 41,687 shares of the company’s stock valued at $2,887,000 after acquiring an additional 23,667 shares in the last quarter. XTX Topco Ltd acquired a new position in PC Connection during the 1st quarter worth $1,263,000. JPMorgan Chase & Co. grew its stake in shares of PC Connection by 48.3% in the fourth quarter. JPMorgan Chase & Co. now owns 50,222 shares of the company’s stock worth $3,479,000 after purchasing an additional 16,352 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of PC Connection by 17.3% in the first quarter. Rhumbline Advisers now owns 100,200 shares of the company’s stock worth $6,254,000 after purchasing an additional 14,768 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

PC Connection Price Performance

Shares of CNXN opened at $63.15 on Wednesday. The company has a 50-day moving average of $64.46 and a two-hundred day moving average of $64.29. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 1.80 and a beta of 0.72. PC Connection, Inc. has a one year low of $56.72 and a one year high of $77.19.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.91 by $0.06. PC Connection had a net margin of 2.97% and a return on equity of 9.74%. The business had revenue of $759.69 million during the quarter, compared to the consensus estimate of $774.66 million. Analysts anticipate that PC Connection, Inc. will post 3.33 earnings per share for the current year.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, August 12th. PC Connection’s dividend payout ratio (DPR) is 18.29%.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of PC Connection from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd.

Insiders Place Their Bets

In related news, CEO Timothy J. Mcgrath sold 26,565 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $66.80, for a total transaction of $1,774,542.00. Following the transaction, the chief executive officer directly owned 265,827 shares of the company’s stock, valued at approximately $17,757,243.60. The trade was a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack L. Ferguson sold 1,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the completion of the sale, the director directly owned 66,055 shares of the company’s stock, valued at approximately $4,380,767.60. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,005 shares of company stock worth $2,205,614 in the last quarter. 55.20% of the stock is currently owned by corporate insiders.

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.