PC Connection, Inc. (NASDAQ:CNXN) Chairman Sells $119,424.00 in Stock

PC Connection, Inc. (NASDAQ:CNXN – Get Rating) Chairman Patricia Gallup sold 2,400 shares of the stock in a transaction on Thursday, January 19th. The shares were sold at an average price of $49.76, for a total value of $119,424.00. Following the transaction, the chairman now directly owns 7,078,409 shares in the company, valued at $352,221,631.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Patricia Gallup also recently made the following trade(s):

• On Wednesday, January 11th, Patricia Gallup sold 3,133 shares of PC Connection stock. The shares were sold at an average price of $47.94, for a total value of $150,196.02.
• On Thursday, January 5th, Patricia Gallup sold 3,290 shares of PC Connection stock. The shares were sold at an average price of $46.63, for a total value of $153,412.70.
• On Wednesday, December 14th, Patricia Gallup sold 2,433 shares of PC Connection stock. The stock was sold at an average price of $51.37, for a total value of $124,983.21.
• On Wednesday, December 7th, Patricia Gallup sold 3,000 shares of PC Connection stock. The stock was sold at an average price of $52.31, for a total value of $156,930.00.
• On Thursday, December 1st, Patricia Gallup sold 2,100 shares of PC Connection stock. The stock was sold at an average price of $55.54, for a total value of $116,634.00.
• On Monday, November 21st, Patricia Gallup sold 3,290 shares of PC Connection stock. The stock was sold at an average price of $54.07, for a total value of $177,890.30.
• On Tuesday, November 15th, Patricia Gallup sold 4,800 shares of PC Connection stock. The stock was sold at an average price of $52.07, for a total value of $249,936.00.

PC Connection Stock Performance

Shares of CNXN stock opened at $49.55 on Tuesday. PC Connection, Inc. has a 52-week low of $41.60 and a 52-week high of $56.68. The firm has a market capitalization of $1.30 billion, a PE ratio of 14.08 and a beta of 0.75. The stock has a fifty day simple moving average of $50.58 and a two-hundred day simple moving average of $48.87.

PC Connection (NASDAQ:CNXN – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. PC Connection had a return on equity of 12.90% and a net margin of 2.91%. The business had revenue of $775.69 million during the quarter, compared to analyst estimates of $814.24 million. On average, sell-side analysts forecast that PC Connection, Inc. will post 3.42 EPS for the current fiscal year.

PC Connection Cuts Dividend

The company also recently disclosed a dividend, which was paid on Friday, December 23rd. Stockholders of record on Monday, December 5th were given a dividend of $0.34 per share. The ex-dividend date was Friday, December 2nd. This represents a dividend yield of 0.61%.

Analysts Set New Price Targets

Separately, StockNews.com lowered PC Connection from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 18th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNXN. Bank of New York Mellon Corp grew its position in shares of PC Connection by 0.4% during the first quarter. Bank of New York Mellon Corp now owns 146,379 shares of the company’s stock valued at $7,669,000 after purchasing an additional 587 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of PC Connection during the first quarter valued at about $242,000. Citigroup Inc. grew its position in shares of PC Connection by 11.7% during the first quarter. Citigroup Inc. now owns 9,570 shares of the company’s stock valued at $501,000 after purchasing an additional 1,006 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of PC Connection during the first quarter valued at about $172,000. Finally, MetLife Investment Management LLC grew its position in shares of PC Connection by 64.0% during the first quarter. MetLife Investment Management LLC now owns 5,816 shares of the company’s stock valued at $305,000 after purchasing an additional 2,269 shares in the last quarter. Hedge funds and other institutional investors own 42.51% of the company’s stock.

About PC Connection

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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.