Panagora Asset Management Inc. Trims Stake in PC Connection, Inc. (NASDAQ:CNXN)

Panagora Asset Management Inc. cut its holdings in PC Connection, Inc. (NASDAQ:CNXN) by 34.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,761 shares of the company’s stock after selling 1,953 shares during the period. Panagora Asset Management Inc.’s holdings in PC Connection were worth $253,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CNXN. Pacer Advisors Inc. raised its holdings in PC Connection by 65.0% in the 4th quarter. Pacer Advisors Inc. now owns 672,203 shares of the company’s stock worth $45,179,000 after purchasing an additional 264,687 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of PC Connection by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 229,124 shares of the company’s stock worth $12,231,000 after buying an additional 6,743 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of PC Connection by 50.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 17,313 shares of the company’s stock valued at $1,164,000 after buying an additional 5,806 shares in the last quarter. Rhumbline Advisers increased its holdings in PC Connection by 151.5% in the 3rd quarter. Rhumbline Advisers now owns 93,488 shares of the company’s stock worth $4,990,000 after acquiring an additional 56,310 shares in the last quarter. Finally, Arizona State Retirement System bought a new position in shares of PC Connection in the fourth quarter worth approximately $222,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Insider Buying and Selling at PC Connection

In other PC Connection news, Director Barbara Duckett sold 1,000 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $68.08, for a total transaction of $68,080.00. Following the completion of the transaction, the director now owns 13,877 shares of the company’s stock, valued at approximately $944,746.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 56.90% of the stock is currently owned by insiders.

PC Connection Stock Up 0.8 %

Shares of PC Connection stock opened at $68.18 on Friday. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 2.04 and a beta of 0.67. The stock’s 50-day simple moving average is $64.72 and its 200-day simple moving average is $64.71. PC Connection, Inc. has a 52 week low of $42.37 and a 52 week high of $70.55.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). PC Connection had a return on equity of 10.10% and a net margin of 2.98%. The business had revenue of $632.03 million during the quarter, compared to analysts’ expectations of $694.19 million. During the same period in the prior year, the firm posted $0.56 earnings per share. On average, equities analysts expect that PC Connection, Inc. will post 3.35 earnings per share for the current year.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 14th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, May 13th. This represents a $0.40 annualized dividend and a yield of 0.59%. PC Connection’s payout ratio is 12.82%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of PC Connection from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 26th.

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.