PC Connection, Inc. (NASDAQ:CNXN) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in shares of PC Connection, Inc. (NASDAQ:CNXN) by 4.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,411 shares of the company’s stock after selling 389 shares during the quarter. Thrivent Financial for Lutherans’ holdings in PC Connection were worth $604,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in shares of PC Connection by 34.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 95,358 shares of the company’s stock valued at $6,287,000 after buying an additional 24,539 shares during the last quarter. Principal Financial Group Inc. grew its stake in PC Connection by 10.5% in the 1st quarter. Principal Financial Group Inc. now owns 65,079 shares of the company’s stock valued at $4,291,000 after acquiring an additional 6,185 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in PC Connection by 23.9% during the 1st quarter. BNP Paribas Financial Markets now owns 8,767 shares of the company’s stock valued at $578,000 after buying an additional 1,692 shares during the last quarter. SG Americas Securities LLC purchased a new position in PC Connection in the 1st quarter valued at about $1,701,000. Finally, Illinois Municipal Retirement Fund raised its holdings in PC Connection by 3.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock valued at $428,000 after acquiring an additional 211 shares during the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Price Performance

CNXN stock opened at $73.70 on Wednesday. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 2.08 and a beta of 0.62. PC Connection, Inc. has a 1-year low of $51.63 and a 1-year high of $77.19. The firm has a fifty day moving average price of $71.64 and a two-hundred day moving average price of $67.38.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. The business had revenue of $736.48 million for the quarter, compared to analysts’ expectations of $703.50 million. PC Connection had a net margin of 3.22% and a return on equity of 10.51%. As a group, analysts expect that PC Connection, Inc. will post 3.52 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were given a $0.10 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.54%. PC Connection’s dividend payout ratio (DPR) is 12.82%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $70.18, for a total value of $1,079,157.86. Following the completion of the transaction, the chief executive officer now owns 277,691 shares in the company, valued at $19,488,354.38. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 56.90% of the stock is owned by corporate insiders.

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.