Denali Advisors LLC Sells 488 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Denali Advisors LLC decreased its position in PC Connection, Inc. (NASDAQ:CNXN) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,812 shares of the company’s stock after selling 488 shares during the period. PC Connection accounts for 1.5% of Denali Advisors LLC’s portfolio, making the stock its 15th largest position. Denali Advisors LLC owned 0.29% of PC Connection worth $5,064,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in shares of PC Connection by 6.4% in the 3rd quarter. AQR Capital Management LLC now owns 111,298 shares of the company’s stock valued at $5,941,000 after acquiring an additional 6,677 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in PC Connection by 50.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 17,313 shares of the company’s stock worth $1,164,000 after purchasing an additional 5,806 shares during the period. Pacer Advisors Inc. raised its holdings in PC Connection by 65.0% in the fourth quarter. Pacer Advisors Inc. now owns 672,203 shares of the company’s stock worth $45,179,000 after purchasing an additional 264,687 shares during the period. Arizona State Retirement System acquired a new position in shares of PC Connection in the 4th quarter valued at $222,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of PC Connection in the 4th quarter valued at $383,000. Institutional investors own 42.85% of the company’s stock.

Insider Activity

In other 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 value of $68,080.00. Following the sale, the director now directly owns 13,877 shares of the company’s stock, valued at approximately $944,746.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 56.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

PC Connection Price Performance

Shares of PC Connection stock traded down $0.36 on Wednesday, hitting $63.69. The company had a trading volume of 37,778 shares, compared to its average volume of 72,635. The stock has a 50-day moving average of $65.16 and a 200-day moving average of $65.44. PC Connection, Inc. has a twelve month low of $44.01 and a twelve month high of $70.55. The firm has a market capitalization of $1.68 billion, a P/E ratio of 20.53, a P/E/G ratio of 1.92 and a beta of 0.61.

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

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders 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 dividend yield of 0.63%. PC Connection’s payout ratio is 12.82%.

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.