PC Connection (NASDAQ:CNXN) Issues Quarterly Earnings Results, Misses Estimates By $0.04 EPS

PC Connection (NASDAQ:CNXN) released its quarterly earnings data on Wednesday. The company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.04), reports. PC Connection had a net margin of 3.23% and a return on equity of 10.42%. The company had revenue of $724.72 million for the quarter, compared to analyst estimates of $726.98 million.

PC Connection Trading Down 5.5 %

NASDAQ CNXN opened at $63.65 on Friday. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 1.92 and a beta of 0.62. PC Connection has a 1-year low of $51.63 and a 1-year high of $77.19. The company has a 50 day moving average of $72.44 and a 200-day moving average of $68.15.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a yield of 0.63%. PC Connection’s dividend payout ratio (DPR) is presently 11.73%.

Analyst Upgrades and Downgrades

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

Insider Transactions at PC Connection

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of PC Connection stock in a transaction on Tuesday, August 6th. The stock was 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 owns 277,691 shares in the company, valued at approximately $19,488,354.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 56.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNXN. Pacer Advisors Inc. raised its position in shares of PC Connection by 23.6% during the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after acquiring an additional 240,312 shares during the last quarter. Vanguard Group Inc. lifted its position in PC Connection by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock valued at $68,625,000 after purchasing an additional 14,838 shares during the period. American Century Companies Inc. boosted its stake in shares of PC Connection by 31.1% in the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after purchasing an additional 62,398 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of PC Connection by 34.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock worth $10,552,000 after buying an additional 35,505 shares during the period. Finally, Denali Advisors LLC raised its stake in shares of PC Connection by 12.2% during the second quarter. Denali Advisors LLC now owns 86,200 shares of the company’s stock worth $5,534,000 after buying an additional 9,388 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.