PC Connection (NASDAQ:CNXN) Sets New 52-Week Low – What’s Next?

PC Connection, Inc. (NASDAQ:CNXN) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $54.97 and last traded at $56.49, with a volume of 8975 shares. The stock had previously closed at $55.98.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wall Street Zen cut shares of PC Connection from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Zacks Research downgraded shares of PC Connection from a “hold” rating to a “strong sell” rating in a research report on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of PC Connection in a report on Wednesday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

PC Connection Stock Up 2.8%

The company has a fifty day moving average of $60.50 and a two-hundred day moving average of $63.48. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 17.82, a P/E/G ratio of 1.74 and a beta of 0.74.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.04). PC Connection had a return on equity of 9.64% and a net margin of 2.91%.The firm had revenue of $709.07 million for the quarter, compared to analysts’ expectations of $749.81 million. Equities analysts anticipate that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Tuesday, November 11th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, November 10th. PC Connection’s payout ratio is currently 18.58%.

Hedge Funds Weigh In On PC Connection

A number of large investors have recently modified their holdings of the business. Parallel Advisors LLC boosted its stake in shares of PC Connection by 74.3% in the second quarter. Parallel Advisors LLC now owns 448 shares of the company’s stock valued at $29,000 after buying an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of PC Connection by 196.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after purchasing an additional 417 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of PC Connection by 6,900.0% during the 1st quarter. Russell Investments Group Ltd. now owns 980 shares of the company’s stock worth $61,000 after purchasing an additional 966 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of PC Connection during the 3rd quarter worth $75,000. 42.85% of the stock is owned by hedge funds and other institutional investors.

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.