New York State Common Retirement Fund Lowers Stake in PC Connection, Inc. (CNXN)
New York State Common Retirement Fund lessened its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 0.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 14,100 shares of the company’s stock after selling 1 shares during the period. New York State Common Retirement Fund owned about 0.05% of PC Connection worth $382,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CNXN. Vanguard Group Inc. bought a new position in shares of PC Connection during the 1st quarter worth approximately $14,873,000. Renaissance Technologies LLC bought a new position in shares of PC Connection during the 1st quarter worth approximately $5,374,000. Geode Capital Management LLC bought a new position in shares of PC Connection during the 1st quarter worth approximately $4,707,000. Tributary Capital Management LLC raised its stake in shares of PC Connection by 68.2% during the 2nd quarter. Tributary Capital Management LLC now owns 385,128 shares of the company’s stock worth $10,422,000 after acquiring an additional 156,106 shares in the last quarter. Finally, Kennedy Capital Management Inc. bought a new position in shares of PC Connection during the 2nd quarter worth approximately $1,922,000. Hedge funds and other institutional investors own 41.63% of the company’s stock.
In other PC Connection news, Director Negrini David Beffa sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the director now owns 129,800 shares in the company, valued at approximately $3,374,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 57.30% of the company’s stock.
Several research firms recently commented on CNXN. Zacks Investment Research upgraded shares of PC Connection from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Monday, July 31st. ValuEngine lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Finally, Roth Capital set a $33.00 price objective on shares of PC Connection and gave the stock a “buy” rating in a research note on Friday, July 28th.
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PC Connection, Inc. (NASDAQ:CNXN) opened at $26.42 on Friday. The company has a market cap of $689.70, a P/E ratio of 14.06, a P/E/G ratio of 1.78 and a beta of 1.60. PC Connection, Inc. has a 52 week low of $23.52 and a 52 week high of $30.48.
PC Connection (NASDAQ:CNXN) last posted its quarterly earnings data on Thursday, October 26th. The company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. The firm had revenue of $729.23 million during the quarter, compared to analyst estimates of $727.84 million. PC Connection had a net margin of 1.63% and a return on equity of 10.84%. PC Connection’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 EPS. equities analysts expect that PC Connection, Inc. will post 1.81 earnings per share for the current year.
PC Connection Company Profile
PC Connection, Inc is a provider of a range of information technology (IT) solutions. The Company conducts its business operations through three business segments: small- to medium-sized businesses (SMB), Large Account and Public Sector. The Company enables customers to design, enable, manage and service their IT environments.
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