Key Points
- Chairman Patricia Gallup sold shares of PC Connection, offloading 6,924 shares on June 8 for about $499,151. She also sold another 7,384 shares on June 9, reducing her ownership slightly.
- PC Connection’s stock rose 1.1% and opened at $74.11, near its 12-month high of $75.00. The company has a market cap of $1.87 billion and trades above both its 50-day and 200-day moving averages.
- Fundamentals and sentiment remain solid: the company recently beat quarterly earnings and revenue estimates, paid a $0.20 quarterly dividend, and has a Moderate Buy analyst rating overall.
PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Chairman Patricia Gallup sold 6,924 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $72.09, for a total transaction of $499,151.16. Following the completion of the transaction, the chairman directly owned 7,035,131 shares in the company, valued at $507,162,593.79. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Patricia Gallup also recently made the following trade(s):
- On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44.
PC Connection Stock Up 1.1%
Shares of PC Connection stock opened at $74.11 on Thursday. The firm's 50-day moving average price is $65.29 and its two-hundred day moving average price is $61.61. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $75.00. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 1.87 and a beta of 0.88.
PC Connection (NASDAQ:CNXN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.15. The company had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. On average, sell-side analysts expect that PC Connection, Inc. will post 3.93 earnings per share for the current year.
PC Connection Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were paid a $0.20 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. PC Connection's payout ratio is currently 23.26%.
Institutional Investors Weigh In On PC Connection
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its position in shares of PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company's stock valued at $41,000 after buying an additional 473 shares during the period. Amundi purchased a new position in shares of PC Connection during the first quarter worth about $206,000. Quantinno Capital Management LP grew its holdings in shares of PC Connection by 137.8% during the first quarter. Quantinno Capital Management LP now owns 17,166 shares of the company's stock worth $1,004,000 after purchasing an additional 9,947 shares in the last quarter. Aristides Capital LLC purchased a new position in shares of PC Connection during the first quarter worth about $220,000. Finally, Inceptionr LLC purchased a new position in shares of PC Connection during the first quarter worth about $320,000. 42.85% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the stock. Weiss Ratings raised shares of PC Connection from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded PC Connection from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy".
View Our Latest Research Report on CNXN
About PC Connection
(
Get Free Report)
PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.
Connection's product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.
Further Reading
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