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

PC Connection, Inc. (NASDAQ:CNXN) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 215,200 shares, a decline of 15.5% from the October 15th total of 254,600 shares. Based on an average trading volume of 89,100 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.8% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 29th.

Institutional Investors Weigh In On PC Connection

Several institutional investors and hedge funds have recently made changes to their positions in CNXN. Martingale Asset Management L P increased its holdings in 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 acquiring an additional 140 shares in the last quarter. Amalgamated Bank lifted its stake in PC Connection by 4.6% in the 3rd quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock valued at $266,000 after buying an additional 154 shares in the last quarter. New York State Teachers Retirement System grew its holdings in PC Connection by 4.9% during the 3rd 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 last quarter. Louisiana State Employees Retirement System increased its position 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 worth $453,000 after buying an additional 300 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of PC Connection in the third quarter worth $28,000. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

PC Connection Trading Down 1.7 %

Shares of CNXN traded down $1.21 during mid-day trading on Friday, hitting $70.15. 72,653 shares of the company’s stock were exchanged, compared to its average volume of 75,568. PC Connection has a fifty-two week low of $57.47 and a fifty-two week high of $77.19. The business’s 50 day moving average is $72.27 and its two-hundred day moving average is $68.80. The firm has a market capitalization of $1.84 billion, a P/E ratio of 20.57, a P/E/G ratio of 2.07 and a beta of 0.63.

PC Connection Dividend Announcement

The company 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 dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a yield of 0.57%. PC Connection’s payout ratio is 11.73%.

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.