State Street Corp Raises Stock Position in PC Connection, Inc. (NASDAQ:CNXN)

State Street Corp lifted its stake in PC Connection, Inc. (NASDAQ:CNXN) by 7.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 495,611 shares of the company’s stock after purchasing an additional 34,248 shares during the period. State Street Corp owned 1.89% of PC Connection worth $37,384,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Victory Capital Management Inc. raised its stake in PC Connection by 27.5% in 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 in the last quarter. GSA Capital Partners LLP purchased a new position in shares of PC Connection in the 3rd quarter valued at approximately $591,000. Millennium Management LLC boosted its position in shares of PC Connection by 108.0% during 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 in the last quarter. Magnetar Financial LLC purchased a new stake in PC Connection in the second quarter worth $646,000. Finally, Acadian Asset Management LLC lifted its position in PC Connection by 467.7% during the second quarter. Acadian Asset Management LLC now owns 24,326 shares of the company’s stock valued at $1,558,000 after buying an additional 20,041 shares during the period. Institutional investors own 42.85% of the company’s stock.

PC Connection Stock Performance

Shares of NASDAQ CNXN opened at $69.00 on Friday. The company has a 50 day simple moving average of $71.88 and a two-hundred day simple moving average of $69.91. PC Connection, Inc. has a fifty-two week low of $57.47 and a fifty-two week high of $77.19. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 2.14 and a beta of 0.66.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend was Tuesday, November 12th. PC Connection’s dividend payout ratio (DPR) is 11.73%.

Insider Transactions at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the stock in a transaction that occurred 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 owns 71,750 shares in the company, valued at $5,022,500. This represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 56.90% of the company’s stock.

Analysts Set New Price Targets

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

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.