Rhumbline Advisers Buys 14,768 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Rhumbline Advisers boosted its stake in PC Connection, Inc. (NASDAQ:CNXN) by 17.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,200 shares of the company’s stock after acquiring an additional 14,768 shares during the period. Rhumbline Advisers’ holdings in PC Connection were worth $6,254,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CNXN. Barclays PLC boosted its holdings in PC Connection by 178.7% in the third quarter. Barclays PLC now owns 36,002 shares of the company’s stock valued at $2,717,000 after acquiring an additional 23,084 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in PC Connection by 3.5% in the fourth quarter. Principal Financial Group Inc. now owns 63,842 shares of the company’s stock valued at $4,422,000 after acquiring an additional 2,138 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in PC Connection by 8.8% in the fourth quarter. New York State Common Retirement Fund now owns 35,997 shares of the company’s stock valued at $2,494,000 after acquiring an additional 2,900 shares during the last quarter. Ieq Capital LLC boosted its holdings in PC Connection by 3.5% in the fourth quarter. Ieq Capital LLC now owns 6,596 shares of the company’s stock valued at $457,000 after acquiring an additional 224 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in PC Connection by 6.4% in the fourth quarter. Illinois Municipal Retirement Fund now owns 6,519 shares of the company’s stock valued at $452,000 after acquiring an additional 390 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors.

PC Connection Stock Performance

PC Connection stock opened at $65.12 on Thursday. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 1.96 and a beta of 0.70. PC Connection, Inc. has a 52-week low of $56.82 and a 52-week high of $77.19. The stock’s 50 day moving average price is $64.50 and its two-hundred day moving average price is $66.80.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.18. The firm had revenue of $701.05 million for the quarter, compared to analysts’ expectations of $646.37 million. PC Connection had a return on equity of 9.74% and a net margin of 3.11%. On average, equities research analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend was Tuesday, May 13th. PC Connection’s payout ratio is 18.18%.

Insider Transactions at PC Connection

In other news, CEO Timothy J. Mcgrath sold 26,565 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $66.80, for a total transaction of $1,774,542.00. Following the transaction, the chief executive officer now directly owns 265,827 shares of the company’s stock, valued at $17,757,243.60. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jack L. Ferguson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the transaction, the director now directly owns 66,055 shares in the company, valued at $4,380,767.60. The trade was a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,005 shares of company stock valued at $2,205,614 over the last ninety days. 55.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen cut PC Connection from a “strong-buy” rating to a “buy” rating in a report on Friday, May 9th.

PC Connection 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.