StockNews.com Downgrades PC Connection (NASDAQ:CNXN) to Hold

StockNews.com lowered shares of PC Connection (NASDAQ:CNXN) from a buy rating to a hold rating in a research note published on Wednesday.

PC Connection Stock Performance

CNXN opened at $72.74 on Wednesday. The company’s 50-day simple moving average is $72.29 and its two-hundred day simple moving average is $68.97. The stock has a market capitalization of $1.91 billion, a P/E ratio of 21.25, a P/E/G ratio of 2.06 and a beta of 0.63. PC Connection has a 52-week low of $57.47 and a 52-week high of $77.19.

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Tuesday, November 12th. PC Connection’s dividend payout ratio (DPR) is presently 11.73%.

Insider Buying and Selling at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 71,750 shares in the company, valued at $5,022,500. This trade represents a 6.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 56.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CNXN. Martingale Asset Management L P grew its stake in shares of PC Connection by 0.4% during the 3rd quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock valued at $2,798,000 after purchasing an additional 140 shares during the period. Amalgamated Bank boosted its holdings in shares of PC Connection by 4.6% in the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after buying an additional 154 shares during the last quarter. New York State Teachers Retirement System grew its position in PC Connection by 4.9% during the third quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock valued at $348,000 after buying an additional 216 shares during the period. Louisiana State Employees Retirement System increased its holdings in PC Connection by 5.3% during the third quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock valued at $453,000 after buying an additional 300 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in PC Connection in the third quarter worth approximately $28,000. Institutional investors own 42.85% of the company’s stock.

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.