PC Connection (NASDAQ:CNXN) Trading Up 1.4% – Here’s What Happened

PC Connection, Inc. (NASDAQ:CNXN)’s share price shot up 1.4% during trading on Friday . The stock traded as high as $72.97 and last traded at $72.74. 5,750 shares were traded during mid-day trading, a decline of 93% from the average session volume of 80,000 shares. The stock had previously closed at $71.73.

Analyst Ratings Changes

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 1.6 %

The stock has a market capitalization of $1.92 billion, a PE ratio of 21.33, a PEG ratio of 2.06 and a beta of 0.63. The business’s 50-day moving average is $72.28 and its two-hundred day moving average is $68.95.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Tuesday, November 12th. PC Connection’s payout ratio is currently 11.73%.

Institutional Inflows and Outflows

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