Denali Advisors LLC Boosts Stake in PC Connection, Inc. $CNXN

Denali Advisors LLC raised its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 19.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 99,200 shares of the company’s stock after buying an additional 15,900 shares during the quarter. Denali Advisors LLC’s holdings in PC Connection were worth $7,241,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in shares of PC Connection by 137.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock valued at $3,661,000 after acquiring an additional 35,358 shares in the last quarter. Sei Investments Co. boosted its stake in shares of PC Connection by 150.2% during the first quarter. Sei Investments Co. now owns 27,384 shares of the company’s stock valued at $1,601,000 after acquiring an additional 16,441 shares during the last quarter. Teacher Retirement System of Texas increased its position in PC Connection by 12.0% during the 4th quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company’s stock worth $6,629,000 after purchasing an additional 12,275 shares in the last quarter. Vanguard Group Inc. increased its position in PC Connection by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock worth $62,390,000 after purchasing an additional 10,218 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new position in PC Connection in the 1st quarter valued at about $686,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Insider Transactions at PC Connection

In related news, Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $78.64, for a total transaction of $561,646.88. Following the completion of the transaction, the chairman 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 42,876 shares of company stock valued at $3,226,800 in the last ninety days. 56.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

PC Connection Trading Down 1.2%

NASDAQ CNXN opened at $77.95 on Thursday. The business’s 50-day moving average price is $77.34 and its 200 day moving average price is $68.22. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $88.31. The company has a market capitalization of $1.97 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.00 by $0.31. PC Connection had a return on equity of 10.90% and a net margin of 3.21%.The company had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $764.79 million. Equities analysts predict that PC Connection, Inc. will post 4.18 EPS for the current year.

PC Connection Announces Dividend

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

PC Connection Company Profile

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.