PC Connection, Inc. (NASDAQ:CNXN) Short Interest Down 15.5% in October

PC Connection, Inc. (NASDAQ:CNXN) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 215,200 shares, a decrease of 15.5% from the October 15th total of 254,600 shares. Based on an average trading volume of 89,100 shares, the short-interest ratio is currently 2.4 days. Currently, 1.8% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

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

PC Connection Price Performance

PC Connection stock traded down $1.21 during trading hours on Friday, hitting $70.15. The company had a trading volume of 72,653 shares, compared to its average volume of 80,803. The firm has a 50-day moving average of $72.27 and a 200 day moving average of $68.76. The firm has a market cap of $1.84 billion, a PE ratio of 20.57, a PEG ratio of 2.12 and a beta of 0.63. PC Connection has a one year low of $57.47 and a one year high of $77.19.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 annualized dividend and a yield of 0.57%. PC Connection’s payout ratio is currently 11.73%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in PC Connection by 23.6% during the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after acquiring an additional 240,312 shares during the period. American Century Companies Inc. raised its holdings in PC Connection by 31.1% in the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after acquiring an additional 62,398 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of PC Connection during the 3rd quarter valued at $3,675,000. Allspring Global Investments Holdings LLC grew its holdings in shares of PC Connection by 34.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock worth $10,552,000 after purchasing an additional 35,505 shares in the last quarter. Finally, State Street Corp raised its stake in PC Connection by 7.4% in the third quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after purchasing an additional 34,248 shares in the last quarter. 42.85% of the stock is owned by institutional investors and hedge funds.

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.