Magnetar Financial LLC Purchases New Position in PC Connection, Inc. (NASDAQ:CNXN)

Magnetar Financial LLC purchased a new stake in PC Connection, Inc. (NASDAQ:CNXN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,064 shares of the company’s stock, valued at approximately $646,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CNXN. Pacer Advisors Inc. increased its stake in shares of PC Connection by 23.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after purchasing an additional 240,312 shares in the last quarter. American Century Companies Inc. increased its stake in shares of 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 purchasing an additional 62,398 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of PC Connection by 319.4% in the 2nd quarter. Victory Capital Management Inc. now owns 37,458 shares of the company’s stock valued at $2,405,000 after purchasing an additional 28,526 shares in the last quarter. SG Americas Securities LLC purchased a new stake in PC Connection during the 1st quarter worth approximately $1,701,000. Finally, Allspring Global Investments Holdings LLC increased its stake in PC Connection by 34.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 95,358 shares of the company’s stock worth $6,287,000 after buying an additional 24,539 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 29th.

Insider Transactions at PC Connection

In other news, CEO Timothy J. Mcgrath sold 15,377 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $70.18, for a total transaction of $1,079,157.86. Following the transaction, the chief executive officer now directly owns 277,691 shares in the company, valued at approximately $19,488,354.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 56.90% of the company’s stock.

PC Connection Trading Down 0.7 %

NASDAQ:CNXN opened at $73.94 on Wednesday. PC Connection, Inc. has a 12 month low of $51.63 and a 12 month high of $76.70. The stock has a 50 day moving average of $70.33 and a two-hundred day moving average of $66.73. The firm has a market cap of $1.94 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 2.10 and a beta of 0.62.

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

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 13th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Tuesday, August 13th. PC Connection’s dividend payout ratio is currently 12.82%.

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.