PC Connection (NASDAQ:CNXN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of PC Connection (NASDAQ:CNXN) from a hold rating to a buy rating in a research report released on Thursday morning.

PC Connection Trading Down 0.9 %

Shares of CNXN opened at $73.05 on Thursday. PC Connection has a twelve month low of $57.47 and a twelve month high of $77.19. The firm has a market capitalization of $1.92 billion, a P/E ratio of 21.42, a price-to-earnings-growth ratio of 2.17 and a beta of 0.63. The stock’s fifty day simple moving average is $72.24 and its 200 day simple moving average is $69.28.

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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Tuesday, November 12th. PC Connection’s payout ratio is currently 11.73%.

Insider Buying and Selling

In other PC Connection news, Director Negrini David Beffa sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 71,750 shares of the company’s stock, valued at $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 56.50% of the company’s stock.

Institutional Investors Weigh In On PC Connection

Several institutional investors and hedge funds have recently modified their holdings of CNXN. Pacer Advisors Inc. raised its holdings in shares of PC Connection by 23.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after buying an additional 240,312 shares during the period. American Century Companies Inc. raised its stake in shares of PC Connection by 31.1% during the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after purchasing an additional 62,398 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of PC Connection during the third quarter valued at approximately $3,675,000. Allspring Global Investments Holdings LLC lifted its position in shares of PC Connection by 34.0% during the third 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 boosted its stake in shares of 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 during the period. Hedge funds and other 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.