Man Group plc Takes Position in PC Connection, Inc. $CNXN

Man Group plc purchased a new position in shares of PC Connection, Inc. (NASDAQ:CNXN) in the second quarter, Holdings Channel.com reports. The fund purchased 94,881 shares of the company’s stock, valued at approximately $6,925,000.

Several other institutional investors have also recently made changes to their positions in CNXN. BlackRock Inc. acquired a new position in PC Connection in the second quarter valued at approximately $158,833,000. Dimensional Fund Advisors LP increased its stake in PC Connection by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company’s stock worth $89,237,000 after acquiring an additional 4,345 shares during the last quarter. Vanguard Group Inc. increased its stake in PC Connection by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock worth $62,390,000 after acquiring an additional 10,218 shares during the last quarter. Geode Capital Management LLC raised its position in PC Connection by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 377,001 shares of the company’s stock valued at $21,777,000 after purchasing an additional 2,945 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of PC Connection by 22.1% in the 4th quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock valued at $12,662,000 after purchasing an additional 39,716 shares during the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CNXN shares. Wall Street Zen raised shares of PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings raised shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Finally, Zacks Research upgraded shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, the company presently has an average rating of “Strong Buy”.

Insider Transactions at PC Connection

In other news, Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $78.64, for a total value of $561,646.88. Following the sale, the chairman owned 6,963,469 shares of the company’s stock, valued at approximately $547,607,202.16. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 42,876 shares of company stock valued at $3,226,800 in the last ninety days. 56.60% of the stock is owned by company insiders.

PC Connection Stock Performance

Shares of PC Connection stock opened at $79.67 on Friday. PC Connection, Inc. has a fifty-two week low of $54.97 and a fifty-two week high of $88.31. The company has a market capitalization of $2.01 billion, a P/E ratio of 21.08, a P/E/G ratio of 1.91 and a beta of 0.86. The company has a fifty day moving average of $78.41 and a 200 day moving average of $69.00.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.31. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The firm had revenue of $854.00 million for the quarter, compared to analysts’ expectations of $764.79 million. Analysts forecast that PC Connection, Inc. will post 4.18 EPS for the current year.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date was Tuesday, August 11th. PC Connection’s dividend payout ratio is presently 21.16%.

PC Connection Profile

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.