PC Connection, Inc. (NASDAQ:CNXN) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its stake in PC Connection, Inc. (NASDAQ:CNXN) by 4.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 244,818 shares of the company’s stock after purchasing an additional 10,925 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.93% of PC Connection worth $18,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in PC Connection by 27.5% during the third quarter. Victory Capital Management Inc. now owns 47,772 shares of the company’s stock worth $3,603,000 after buying an additional 10,314 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of PC Connection during the 3rd quarter valued at about $591,000. Millennium Management LLC grew its holdings in shares of PC Connection by 108.0% in the second quarter. Millennium Management LLC now owns 64,774 shares of the company’s stock valued at $4,158,000 after purchasing an additional 33,626 shares during the period. Magnetar Financial LLC purchased a new stake in shares of PC Connection in the second quarter valued at about $646,000. Finally, Summit Global Investments acquired a new stake in PC Connection during the second quarter worth about $505,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

Insider Activity

In related news, Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the sale, the director now directly owns 71,750 shares in the company, valued at $5,022,500. This trade represents a 6.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 56.90% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised PC Connection from a “hold” rating to a “buy” rating in a research note on Thursday, November 28th.

PC Connection Trading Up 0.3 %

CNXN opened at $73.51 on Friday. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 2.20 and a beta of 0.66. The stock’s 50-day moving average price is $72.06 and its 200 day moving average price is $69.57. PC Connection, Inc. has a 12-month low of $57.47 and a 12-month high of $77.19.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Tuesday, November 12th. PC Connection’s dividend payout ratio is presently 11.73%.

PC Connection Company 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.