PC Connection (NASDAQ:CNXN) Downgraded by StockNews.com to “Buy”

StockNews.com downgraded shares of PC Connection (NASDAQ:CNXN) from a strong-buy rating to a buy rating in a report released on Friday morning.

PC Connection Trading Down 1.1 %

Shares of CNXN stock opened at $63.69 on Friday. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 1.85 and a beta of 0.66. PC Connection has a 1-year low of $38.13 and a 1-year high of $70.55. The stock’s fifty day simple moving average is $65.23 and its 200-day simple moving average is $63.13.

PC Connection (NASDAQ:CNXN) last released its earnings results on Wednesday, February 14th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.02. The company had revenue of $696.47 million for the quarter, compared to analysts’ expectations of $673.51 million. PC Connection had a return on equity of 10.55% and a net margin of 2.92%. On average, sell-side analysts predict that PC Connection will post 3.48 EPS for the current year.

PC Connection Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, February 26th. This is an increase from PC Connection’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.63%. PC Connection’s dividend payout ratio is 12.66%.

Institutional Trading of PC Connection

A number of institutional investors have recently bought and sold shares of the company. Maryland State Retirement & Pension System bought a new stake in shares of PC Connection in the 3rd quarter valued at approximately $222,000. Arizona State Retirement System bought a new position in shares of PC Connection during the 4th quarter valued at $222,000. Jump Financial LLC acquired a new stake in shares of PC Connection in the 3rd quarter valued at $272,000. Illinois Municipal Retirement Fund acquired a new position in PC Connection during the third quarter worth $332,000. Finally, Truist Financial Corp acquired a new stake in shares of PC Connection in the fourth quarter worth about $352,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

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.