Short Interest in PC Connection, Inc. (NASDAQ:CNXN) Drops By 14.7%

PC Connection, Inc. (NASDAQ:CNXNGet Free Report) was the recipient of a large drop in short interest in May. As of May 31st, there was short interest totalling 206,800 shares, a drop of 14.7% from the May 15th total of 242,500 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 59,600 shares, the days-to-cover ratio is presently 3.5 days.

PC Connection Stock Down 0.8 %

NASDAQ CNXN traded down $0.48 on Friday, hitting $63.12. 58,205 shares of the stock were exchanged, compared to its average volume of 49,972. The company has a market cap of $1.66 billion, a PE ratio of 20.23, a PEG ratio of 1.88 and a beta of 0.64. The company has a 50-day moving average price of $65.00 and a 200-day moving average price of $65.41. PC Connection has a fifty-two week low of $43.92 and a fifty-two week high of $70.55.

PC Connection (NASDAQ:CNXNGet Free Report) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $632.03 million for the quarter, compared to analyst estimates of $694.19 million. PC Connection had a return on equity of 10.10% and a net margin of 2.98%. During the same period last year, the firm earned $0.56 EPS. As a group, equities research analysts predict that PC Connection will post 3.35 EPS for the current fiscal year.

PC Connection Announces Dividend

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

Insider Activity at PC Connection

In related news, Director Barbara Duckett sold 1,000 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $68.08, for a total transaction of $68,080.00. Following the completion of the sale, the director now owns 13,877 shares of the company’s stock, valued at approximately $944,746.16. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 56.90% of the stock is currently owned by corporate insiders.

Institutional Trading of PC Connection

Large investors have recently bought and sold shares of the company. Pacer Advisors Inc. increased its stake in PC Connection by 65.0% in the fourth quarter. Pacer Advisors Inc. now owns 672,203 shares of the company’s stock valued at $45,179,000 after purchasing an additional 264,687 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in PC Connection by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 229,124 shares of the company’s stock worth $12,231,000 after purchasing an additional 6,743 shares during the last quarter. Rhumbline Advisers raised its stake in PC Connection by 151.5% during the third quarter. Rhumbline Advisers now owns 93,488 shares of the company’s stock worth $4,990,000 after purchasing an additional 56,310 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of PC Connection by 50.5% in the 4th quarter. Exchange Traded Concepts LLC now owns 17,313 shares of the company’s stock valued at $1,164,000 after purchasing an additional 5,806 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of PC Connection by 6.4% during the 3rd quarter. AQR Capital Management LLC now owns 111,298 shares of the company’s stock worth $5,941,000 after buying an additional 6,677 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of PC Connection from a “strong-buy” rating to a “buy” rating in a report on Friday, April 26th.

Get Our Latest Report on PC Connection

PC Connection Company Profile

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for PC Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PC Connection and related companies with MarketBeat.com's FREE daily email newsletter.