April 13, 2024

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PC Connection (NASDAQ:CNXN) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of PC Connection (NASDAQ:CNXN) from a buy rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “PC Connection, Inc. is a direct marketer of brand-name personal computers and related peripherals, software, and networking products to business, education, government, and consumer end users located primarily in the United States. “

Separately, TheStreet upgraded PC Connection from a c+ rating to a b rating in a research note on Thursday, August 12th.

Shares of PC Connection stock opened at $44.56 on Monday. The business has a 50-day moving average of $45.91 and a 200-day moving average of $46.41. The company has a market capitalization of $1.17 billion, a PE ratio of 18.34 and a beta of 0.70. PC Connection has a 1-year low of $40.91 and a 1-year high of $55.21.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Thursday, November 4th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The company had revenue of $751.37 million during the quarter, compared to the consensus estimate of $725.17 million. PC Connection had a return on equity of 9.69% and a net margin of 2.31%. During the same period last year, the firm earned $0.64 earnings per share. As a group, sell-side analysts expect that PC Connection will post 2.46 earnings per share for the current year.

The business also recently announced a dividend, which was paid on Friday, December 3rd. Shareholders of record on Thursday, November 18th were paid a $1.00 dividend. This is an increase from PC Connection’s previous dividend of $0.32. The ex-dividend date of this dividend was Wednesday, November 17th.

In other PC Connection news, Chairman Patricia Gallup sold 3,000 shares of PC Connection stock in a transaction that occurred on Monday, November 29th. The stock was sold at an average price of $44.93, for a total value of $134,790.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 9,607 shares of company stock valued at $454,101. 58.00% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in shares of PC Connection by 0.4% in the second quarter. BlackRock Inc. now owns 2,406,371 shares of the company’s stock valued at $111,343,000 after buying an additional 8,521 shares in the last quarter. Mawer Investment Management Ltd. increased its holdings in shares of PC Connection by 15.5% in the second quarter. Mawer Investment Management Ltd. now owns 1,901,725 shares of the company’s stock valued at $87,993,000 after buying an additional 255,400 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of PC Connection by 1.2% in the second quarter. Vanguard Group Inc. now owns 757,194 shares of the company’s stock valued at $35,036,000 after buying an additional 8,734 shares in the last quarter. State Street Corp increased its holdings in shares of PC Connection by 2.6% in the second quarter. State Street Corp now owns 435,036 shares of the company’s stock valued at $20,129,000 after buying an additional 11,223 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of PC Connection by 1.1% in the second quarter. Northern Trust Corp now owns 416,435 shares of the company’s stock valued at $19,269,000 after buying an additional 4,417 shares in the last quarter. 41.32% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading: Momentum Investing

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