Short Interest in PC Connection, Inc. (NASDAQ:CNXN) Grows By 10.4%

PC Connection, Inc. (NASDAQ:CNXN) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 304,300 shares, an increase of 10.4% from the August 15th total of 275,600 shares. Approximately 2.5% of the shares of the stock are sold short. Based on an average daily volume of 94,900 shares, the days-to-cover ratio is presently 3.2 days.

Insiders Place Their Bets

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was 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 in the company, valued at $19,488,354.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 56.90% of the company’s stock.

Institutional Investors Weigh In On PC Connection

A number of institutional investors and hedge funds have recently bought and sold shares of CNXN. Innealta Capital LLC bought a new position in shares of PC Connection during the 2nd quarter worth $60,000. Lazard Asset Management LLC lifted its stake in PC Connection by 15,593.3% in the first quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock worth $155,000 after acquiring an additional 2,339 shares during the period. Acadian Asset Management LLC bought a new stake in shares of PC Connection in the 1st quarter valued at about $281,000. Truist Financial Corp bought a new position in shares of PC Connection during the fourth quarter valued at approximately $352,000. Finally, Squarepoint Ops LLC increased its holdings in PC Connection by 18.5% during the second quarter. Squarepoint Ops LLC now owns 5,638 shares of the company’s stock valued at $362,000 after buying an additional 880 shares during the period. 42.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

PC Connection Price Performance

Shares of PC Connection stock traded down $0.62 on Wednesday, reaching $73.84. The company had a trading volume of 81,324 shares, compared to its average volume of 77,943. The firm’s 50-day moving average price is $69.30 and its two-hundred day moving average price is $66.41. PC Connection has a 1 year low of $51.63 and a 1 year high of $76.39. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 2.00 and a beta of 0.62.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.17. The company had revenue of $736.48 million for the quarter, compared to analyst estimates of $703.50 million. PC Connection had a net margin of 3.22% and a return on equity of 10.51%. As a group, analysts anticipate that PC Connection will post 3.55 EPS for the current year.

PC Connection Announces Dividend

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

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.