Bank of New York Mellon Corp Cuts Position in PC Connection, Inc. (NASDAQ:CNXN)

Bank of New York Mellon Corp lessened its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 0.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,573 shares of the company’s stock after selling 1,011 shares during the quarter. Bank of New York Mellon Corp owned about 0.50% of PC Connection worth $9,045,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CNXN. Point72 DIFC Ltd purchased a new position in PC Connection during the 3rd quarter valued at approximately $28,000. Intech Investment Management LLC purchased a new position in shares of PC Connection in the 3rd quarter worth approximately $243,000. Amalgamated Bank boosted its holdings in shares of PC Connection by 4.6% in the 3rd quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after purchasing an additional 154 shares during the period. Ieq Capital LLC boosted its holdings in shares of PC Connection by 3.5% in the 4th quarter. Ieq Capital LLC now owns 6,596 shares of the company’s stock worth $457,000 after purchasing an additional 224 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of PC Connection in the 3rd quarter worth approximately $591,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Stock Performance

Shares of PC Connection stock opened at $60.51 on Friday. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 1.96 and a beta of 0.61. The stock has a 50 day moving average price of $67.60 and a 200-day moving average price of $70.48. PC Connection, Inc. has a one year low of $57.47 and a one year high of $77.19.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, February 5th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). PC Connection had a return on equity of 9.74% and a net margin of 3.11%. During the same period in the previous year, the firm posted $0.90 earnings per share. Sell-side analysts predict that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, February 25th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $0.60 dividend on an annualized basis and a yield of 0.99%. This is a boost from PC Connection’s previous quarterly dividend of $0.10. PC Connection’s payout ratio is presently 18.24%.

Analyst Upgrades and Downgrades

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

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.