PC Connection (NASDAQ:CNXN) Shares Up 1.2% – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN) shot up 1.2% on Thursday . The company traded as high as $71.44 and last traded at $71.20. 8,328 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 80,108 shares. The stock had previously closed at $70.38.

Wall Street Analysts Forecast Growth

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

PC Connection Stock Up 1.8 %

The firm has a market cap of $1.88 billion, a P/E ratio of 21.00, a PEG ratio of 2.06 and a beta of 0.63. The stock’s 50-day simple moving average is $72.28 and its 200 day simple moving average is $68.95.

PC Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.56%. PC Connection’s dividend payout ratio (DPR) is presently 11.73%.

Hedge Funds Weigh In On PC Connection

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new position in shares of PC Connection during the 3rd quarter worth about $28,000. Signaturefd LLC increased its stake in PC Connection by 328.1% in the 3rd quarter. Signaturefd LLC now owns 488 shares of the company’s stock valued at $37,000 after buying an additional 374 shares during the last quarter. CWM LLC grew its position in shares of PC Connection by 125.5% during the 3rd quarter. CWM LLC now owns 850 shares of the company’s stock valued at $64,000 after acquiring an additional 473 shares during the period. Innealta Capital LLC bought a new position in PC Connection in the 2nd quarter worth approximately $60,000. Finally, nVerses Capital LLC raised its position in shares of PC Connection by 1,000.0% during the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock valued at $83,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.

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.