PC Connection (NASDAQ:CNXN) Rating Lowered to Buy at StockNews.com

PC Connection (NASDAQ:CNXN) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Wednesday.

PC Connection Price Performance

Shares of NASDAQ CNXN opened at $69.73 on Wednesday. PC Connection has a fifty-two week low of $51.63 and a fifty-two week high of $76.39. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 22.35, a PEG ratio of 1.94 and a beta of 0.61. The business has a 50-day moving average of $66.58 and a 200-day moving average of $65.84.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.17. The firm had revenue of $736.48 million during 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%. On average, sell-side analysts expect that PC Connection will post 3.55 EPS for the current year.

Insider Buying and Selling at PC Connection

In other news, CEO Timothy J. Mcgrath sold 15,377 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the sale, the chief executive officer now directly owns 277,691 shares of the company’s stock, valued at approximately $19,488,354.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 56.90% of the company’s stock.

Institutional Investors Weigh In On PC Connection

A number of large investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund boosted its position in PC Connection by 3.4% during the first quarter. Illinois Municipal Retirement Fund now owns 6,491 shares of the company’s stock worth $428,000 after purchasing an additional 211 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of PC Connection by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,441 shares of the company’s stock worth $414,000 after buying an additional 452 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of PC Connection by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock worth $534,000 after buying an additional 499 shares during the period. Hsbc Holdings PLC grew its stake in PC Connection by 11.3% in the 2nd quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock valued at $366,000 after buying an additional 582 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in PC Connection by 4.5% in the 4th quarter. TD Asset Management Inc now owns 16,100 shares of the company’s stock valued at $1,082,000 after acquiring an additional 700 shares during the period. Institutional investors 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.