Invesco Ltd. Trims Position in PC Connection, Inc. $CNXN

Invesco Ltd. lessened its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 34.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 175,341 shares of the company’s stock after selling 93,114 shares during the quarter. Invesco Ltd. owned 0.69% of PC Connection worth $10,945,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in PC Connection by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 252,870 shares of the company’s stock valued at $15,784,000 after acquiring an additional 1,149 shares during the last quarter. Vanguard Group Inc. increased its position in PC Connection by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,128,524 shares of the company’s stock worth $70,442,000 after buying an additional 10,235 shares in the last quarter. US Bancorp DE increased its position in PC Connection by 481.4% in the first quarter. US Bancorp DE now owns 2,901 shares of the company’s stock worth $181,000 after buying an additional 2,402 shares in the last quarter. XTX Topco Ltd purchased a new stake in PC Connection in the first quarter worth about $1,263,000. Finally, KLP Kapitalforvaltning AS increased its position in PC Connection by 103.2% in the first quarter. KLP Kapitalforvaltning AS now owns 12,800 shares of the company’s stock worth $799,000 after buying an additional 6,500 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Analyst Upgrades and Downgrades

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

PC Connection Stock Up 4.9%

Shares of CNXN opened at $64.72 on Friday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 1.85 and a beta of 0.72. The business has a 50-day simple moving average of $64.38 and a two-hundred day simple moving average of $64.09. PC Connection, Inc. has a 52 week low of $56.72 and a 52 week high of $77.19.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. The firm had revenue of $759.69 million during the quarter, compared to analyst estimates of $774.66 million. PC Connection had a return on equity of 9.74% and a net margin of 2.97%. On average, equities analysts anticipate that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.9%. PC Connection’s dividend payout ratio is 18.29%.

Insider Transactions at PC Connection

In other news, Director Jack L. Ferguson sold 1,000 shares of the company’s 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 transaction, the director owned 66,055 shares of the company’s stock, valued at $4,380,767.60. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Timothy J. Mcgrath sold 26,565 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $66.80, for a total value of $1,774,542.00. Following the completion of the transaction, the chief executive officer directly owned 265,827 shares of the company’s stock, valued at approximately $17,757,243.60. This trade represents a 9.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,005 shares of company stock valued at $2,205,614. Corporate insiders own 55.20% of the company’s stock.

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.