Principal Financial Group Inc. Sells 1,585 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Principal Financial Group Inc. reduced its position in PC Connection, Inc. (NASDAQ:CNXN) by 2.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,704 shares of the company’s stock after selling 1,585 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of PC Connection worth $4,654,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Amalgamated Bank boosted its stake in PC Connection by 4.6% during the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after acquiring an additional 154 shares in the last quarter. New York State Teachers Retirement System boosted its stake in PC Connection by 4.9% during the third quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock worth $348,000 after acquiring an additional 216 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in PC Connection by 5.3% during the third quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock worth $453,000 after acquiring an additional 300 shares in the last quarter. Signaturefd LLC boosted its stake in PC Connection by 328.1% during the third quarter. Signaturefd LLC now owns 488 shares of the company’s stock worth $37,000 after acquiring an additional 374 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in PC Connection by 5.9% during the third quarter. State of Alaska Department of Revenue now owns 7,051 shares of the company’s stock worth $531,000 after acquiring an additional 395 shares in the last quarter. 42.85% of the stock is owned by institutional investors.

PC Connection Trading Up 1.8 %

PC Connection stock opened at $71.68 on Friday. PC Connection, Inc. has a 1-year low of $57.47 and a 1-year high of $77.19. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63. The firm’s fifty day moving average price is $72.28 and its two-hundred day moving average price is $68.95.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.40 annualized dividend and a dividend yield of 0.56%. PC Connection’s payout ratio is 11.73%.

Analysts Set New Price Targets

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

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.