Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells 7,142 Shares

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $78.64, for a total value of $561,646.88. Following the transaction, the chairman directly owned 6,963,469 shares of the company’s stock, valued at approximately $547,607,202.16. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, August 4th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $86.34, for a total transaction of $616,640.28.
• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $72.86, for a total transaction of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $69.73, for a total value of $498,011.66.
• 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.
• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The shares were sold at an average price of $72.09, for a total transaction of $499,151.16.

PC Connection Stock Performance

PC Connection stock traded down $0.91 during mid-day trading on Wednesday, reaching $77.95. 134,290 shares of the company were exchanged, compared to its average volume of 110,680. The firm has a market cap of $1.97 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 1.94 and a beta of 0.86. The firm’s 50-day simple moving average is $77.26 and its two-hundred day simple moving average is $68.08. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $88.31.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.31. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The business had revenue of $854.00 million for the quarter, compared to analyst estimates of $764.79 million. As a group, equities research analysts anticipate that PC Connection, Inc. will post 4.18 EPS for the current year.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, August 11th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, August 11th. PC Connection’s payout ratio is currently 21.16%.

Institutional Investors Weigh In On PC Connection

Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new position in shares of PC Connection in the 2nd quarter worth about $608,000. Bank of America Corp DE purchased a new stake in shares of PC Connection during the 2nd quarter worth about $3,080,000. Man Group plc purchased a new stake in shares of PC Connection during the 2nd quarter worth about $6,925,000. Jupiter Topco LLC acquired a new stake in PC Connection during the 2nd quarter worth approximately $376,000. Finally, Hsbc Holdings PLC acquired a new stake in PC Connection during the 2nd quarter worth approximately $1,138,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Analyst Ratings Changes

CNXN has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Zacks Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, PC Connection currently has a consensus rating of “Strong Buy”.

About PC Connection

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.