Short Interest in PC Connection, Inc. (NASDAQ:CNXN) Expands By 12.5%

PC Connection, Inc. (NASDAQ:CNXN) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 232,700 shares, a growth of 12.5% from the May 31st total of 206,800 shares. Approximately 1.9% of the shares of the company are short sold. Based on an average daily volume of 67,600 shares, the days-to-cover ratio is presently 3.4 days.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, Director Barbara Duckett sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $68.08, for a total value of $68,080.00. Following 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 document filed with the SEC, which is available at the SEC website. Corporate insiders own 56.50% of the company’s stock.

Hedge Funds Weigh In On PC Connection

Several hedge funds have recently modified their holdings of CNXN. Lazard Asset Management LLC grew its holdings in PC Connection by 15,593.3% during the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after acquiring an additional 2,339 shares during the period. Arizona State Retirement System acquired a new stake in PC Connection during the fourth quarter valued at approximately $222,000. Acadian Asset Management LLC bought a new stake in PC Connection during the first quarter worth approximately $281,000. Truist Financial Corp acquired a new position in PC Connection in the fourth quarter worth approximately $352,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of PC Connection in the fourth quarter valued at $383,000. 42.85% of the stock is currently owned by institutional investors and hedge funds.

PC Connection Price Performance

CNXN stock traded down $0.36 on Wednesday, reaching $63.69. The company’s stock had a trading volume of 37,778 shares, compared to its average volume of 72,635. PC Connection has a 52 week low of $44.01 and a 52 week high of $70.55. The company has a market capitalization of $1.68 billion, a P/E ratio of 20.53, a price-to-earnings-growth ratio of 1.92 and a beta of 0.61. The firm has a fifty day moving average of $65.16 and a two-hundred day moving average of $65.44.

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

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 14th were given 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 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.