PC Connection, Inc. (NASDAQ:CNXN) Sees Significant Decline in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 285,700 shares, a drop of 6.1% from the August 31st total of 304,300 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 101,000 shares, the days-to-cover ratio is currently 2.8 days.

Insider Buying and Selling at PC Connection

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the completion of the transaction, the chief executive officer now directly owns 277,691 shares in the company, valued at approximately $19,488,354.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 56.90% of the company’s stock.

Institutional Trading of PC Connection

Large investors have recently made changes to their positions in the stock. Illinois Municipal Retirement Fund boosted its holdings in PC Connection by 3.4% in the first quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock worth $428,000 after purchasing an additional 211 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of PC Connection by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,441 shares of the company’s stock worth $414,000 after buying an additional 452 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of PC Connection by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock worth $534,000 after acquiring an additional 499 shares during the period. Hsbc Holdings PLC lifted its holdings in PC Connection by 11.3% in the second quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock valued at $366,000 after acquiring an additional 582 shares during the period. Finally, TD Asset Management Inc boosted its position in PC Connection by 4.5% in the fourth quarter. TD Asset Management Inc now owns 16,100 shares of the company’s stock worth $1,082,000 after purchasing an additional 700 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors.

PC Connection Stock Performance

Shares of NASDAQ CNXN opened at $73.17 on Wednesday. The firm’s 50 day moving average price is $71.06 and its 200-day moving average price is $67.02. PC Connection has a 52-week low of $51.63 and a 52-week high of $77.19. The company has a market cap of $1.93 billion, a PE ratio of 23.45, a P/E/G ratio of 2.08 and a beta of 0.62.

PC Connection (NASDAQ:CNXN) last issued its earnings results on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.83 by $0.17. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. The business had revenue of $736.48 million for the quarter, compared to the consensus estimate of $703.50 million. On average, analysts forecast that PC Connection will post 3.55 earnings per share for the current fiscal year.

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Tuesday, August 13th. PC Connection’s dividend payout ratio is currently 12.82%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 29th.

PC Connection Company 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.