Comerica Bank Reduces Stock Holdings in PC Connection, Inc. $CNXN

Comerica Bank reduced its position in PC Connection, Inc. (NASDAQ:CNXN) by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,185 shares of the company’s stock after selling 285 shares during the period. Comerica Bank’s holdings in PC Connection were worth $261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of PC Connection by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 1,128,524 shares of the company’s stock valued at $70,442,000 after purchasing an additional 10,235 shares during the period. American Century Companies Inc. raised its position in PC Connection by 7.7% during the first quarter. American Century Companies Inc. now owns 320,915 shares of the company’s stock worth $20,032,000 after acquiring an additional 23,082 shares during the period. Charles Schwab Investment Management Inc. raised 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 worth $15,784,000 after acquiring an additional 1,149 shares during the period. GAMMA Investing LLC raised its position in 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 acquiring an additional 134,764 shares during the period. Finally, Nuveen Asset Management LLC raised its position in PC Connection by 12.7% during the fourth quarter. Nuveen Asset Management LLC now owns 113,261 shares of the company’s stock worth $7,846,000 after acquiring an additional 12,795 shares during the period. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Stock Down 1.2%

PC Connection stock opened at $63.28 on Wednesday. PC Connection, Inc. has a 52-week low of $56.72 and a 52-week high of $77.19. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 1.83 and a beta of 0.73. The company has a fifty day simple moving average of $64.14 and a 200-day simple moving average of $64.04.

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

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Tuesday, August 12th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $0.60 annualized dividend and a yield of 0.9%. PC Connection’s dividend payout ratio (DPR) is 18.29%.

Analyst Upgrades and Downgrades

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

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.