PC Connection (NASDAQ:CNXN) Stock Price Down 0.9% – Here’s Why

PC Connection, Inc. (NASDAQ:CNXN)’s share price was down 0.9% during trading on Thursday . The stock traded as low as $72.49 and last traded at $73.05. Approximately 54,514 shares were traded during trading, a decline of 32% from the average daily volume of 80,094 shares. The stock had previously closed at $73.75.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research report on Thursday.

PC Connection Trading Down 0.9 %

The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 2.17 and a beta of 0.63. The stock has a fifty day moving average of $72.24 and a 200-day moving average of $69.28.

PC Connection Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued 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 dividend yield of 0.55%. PC Connection’s dividend payout ratio is currently 11.73%.

Insider Activity at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the company’s stock in a transaction dated 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 owns 71,750 shares in the company, valued at $5,022,500. This represents a 6.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 56.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd purchased a new stake in PC Connection in the 3rd quarter worth approximately $28,000. Signaturefd LLC raised its holdings in shares of PC Connection by 328.1% during the third quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after acquiring an additional 374 shares in the last quarter. CWM LLC boosted its position in PC Connection by 125.5% during the third quarter. CWM LLC now owns 850 shares of the company’s stock valued at $64,000 after purchasing an additional 473 shares during the last quarter. Innealta Capital LLC purchased a new position in PC Connection in the second quarter valued at about $60,000. Finally, nVerses Capital LLC increased its position in PC Connection by 1,000.0% in the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock worth $83,000 after purchasing an additional 1,000 shares during the last quarter. 42.85% of the stock is owned by hedge funds and other institutional investors.

About PC Connection

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.