PC Connection, Inc. (NASDAQ:CNXN) Shares Purchased by nVerses Capital LLC

nVerses Capital LLC boosted its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 1,000.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,100 shares of the company’s stock after buying an additional 1,000 shares during the period. nVerses Capital LLC’s holdings in PC Connection were worth $83,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CNXN. Pacer Advisors Inc. boosted its stake in PC Connection by 23.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock worth $80,781,000 after buying an additional 240,312 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of PC Connection by 31.1% in the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after purchasing an additional 62,398 shares during the period. Millennium Management LLC raised its holdings in shares of PC Connection by 108.0% in the 2nd quarter. Millennium Management LLC now owns 64,774 shares of the company’s stock worth $4,158,000 after purchasing an additional 33,626 shares during the period. Victory Capital Management Inc. raised its holdings in shares of PC Connection by 319.4% in the 2nd quarter. Victory Capital Management Inc. now owns 37,458 shares of the company’s stock worth $2,405,000 after purchasing an additional 28,526 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of PC Connection in the 1st quarter worth about $1,701,000. 42.85% of the stock is owned by institutional investors and hedge funds.

PC Connection Price Performance

PC Connection stock opened at $73.63 on Monday. The stock’s 50-day moving average is $72.18 and its 200-day moving average is $67.87. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 2.10 and a beta of 0.62. PC Connection, Inc. has a 12 month low of $51.63 and a 12 month high of $77.19.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.83 by $0.17. The business had revenue of $736.48 million for the quarter, compared to the consensus estimate of $703.50 million. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. Research analysts anticipate that PC Connection, Inc. will post 3.52 EPS for the current year.

PC Connection Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 13th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.54%. PC Connection’s payout ratio is currently 12.82%.

Insiders Place Their Bets

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of PC Connection stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $70.18, for a total transaction of $1,079,157.86. Following the sale, the chief executive officer now directly owns 277,691 shares in the company, valued at $19,488,354.38. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 56.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.