PC Connection, Inc. (NASDAQ:CNXN) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lessened its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 13.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,554 shares of the company’s stock after selling 1,333 shares during the quarter. Texas Permanent School Fund Corp’s holdings in PC Connection were worth $549,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in shares of PC Connection during the 1st quarter valued at about $1,701,000. Vanguard Group Inc. grew its holdings in PC Connection by 1.4% during the first quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company’s stock worth $68,625,000 after acquiring an additional 14,838 shares during the period. Victory Capital Management Inc. raised its position in PC Connection by 319.4% during the second quarter. Victory Capital Management Inc. now owns 37,458 shares of the company’s stock valued at $2,405,000 after acquiring an additional 28,526 shares in the last quarter. Summit Global Investments acquired a new position in PC Connection in the second quarter valued at approximately $505,000. Finally, Acadian Asset Management LLC boosted its position in PC Connection by 467.7% in the 2nd quarter. Acadian Asset Management LLC now owns 24,326 shares of the company’s stock worth $1,558,000 after purchasing an additional 20,041 shares in the last quarter. 42.85% of the stock is owned by hedge funds and other institutional investors.

PC Connection Stock Performance

Shares of PC Connection stock opened at $75.90 on Friday. The firm has a 50-day simple moving average of $70.00 and a two-hundred day simple moving average of $66.60. PC Connection, Inc. has a fifty-two week low of $51.63 and a fifty-two week high of $76.65. The company has a market cap of $2.00 billion, a P/E ratio of 24.33, a price-to-earnings-growth ratio of 2.09 and a beta of 0.62.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. The company had revenue of $736.48 million during the quarter, compared to analysts’ expectations of $703.50 million. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. Equities research analysts forecast that PC Connection, Inc. will post 3.55 EPS for the current year.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.53%. PC Connection’s dividend payout ratio (DPR) is 12.82%.

Insider Activity at PC Connection

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total transaction of $1,079,157.86. Following the completion of the transaction, the chief executive officer now directly owns 277,691 shares in the company, valued at $19,488,354.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 56.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

PC Connection 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.