PC Connection, Inc. (NASDAQ:CNXN) Sees Significant Growth in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the recipient of a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 232,700 shares, a growth of 12.5% from the May 31st total of 206,800 shares. Currently, 1.9% of the company’s shares are short sold. Based on an average daily trading volume, of 67,600 shares, the days-to-cover ratio is presently 3.4 days.

Insider Buying and Selling

In related news, Director Barbara Duckett sold 1,000 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $68.08, for a total transaction of $68,080.00. Following the transaction, the director now directly owns 13,877 shares in the company, valued at $944,746.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 56.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PC Connection

A number of hedge funds have recently modified their holdings of the stock. Illinois Municipal Retirement Fund boosted its position in shares of PC Connection by 3.4% in the first quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock worth $428,000 after buying an additional 211 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of PC Connection by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock worth $534,000 after buying an additional 499 shares during the period. TD Asset Management Inc boosted its position in shares of PC Connection by 4.5% in the fourth quarter. TD Asset Management Inc now owns 16,100 shares of the company’s stock worth $1,082,000 after buying an additional 700 shares during the period. BNP Paribas Financial Markets boosted its position in shares of PC Connection by 23.9% in the first quarter. BNP Paribas Financial Markets now owns 8,767 shares of the company’s stock worth $578,000 after buying an additional 1,692 shares during the period. Finally, Lazard Asset Management LLC boosted its position in shares of PC Connection by 15,593.3% in the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after buying an additional 2,339 shares during the period. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Price Performance

Shares of NASDAQ CNXN traded down $0.48 during mid-day trading on Monday, hitting $63.72. The company had a trading volume of 61,212 shares, compared to its average volume of 73,104. The firm’s 50 day simple moving average is $65.15 and its two-hundred day simple moving average is $65.49. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 1.92 and a beta of 0.61. PC Connection has a 12 month low of $44.01 and a 12 month high of $70.55.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). PC Connection had a net margin of 2.98% and a return on equity of 10.10%. The firm had revenue of $632.03 million for the quarter, compared to analyst estimates of $694.19 million. During the same quarter last year, the business posted $0.56 earnings per share. Equities analysts forecast that PC Connection will post 3.35 earnings per share for the current year.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 14th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend was Monday, May 13th. PC Connection’s payout ratio is 12.82%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered PC Connection from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 26th.

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.