Algert Global LLC reduced its stake in shares of PCM, Inc. (NASDAQ:PCMI) by 83.9% during the second quarter, Holdings Channel reports. The firm owned 19,161 shares of the specialty retailer’s stock after selling 100,221 shares during the period. Algert Global LLC’s holdings in PCM were worth $359,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in PCMI. Bank of New York Mellon Corp increased its position in PCM by 13.2% in the first quarter. Bank of New York Mellon Corp now owns 21,492 shares of the specialty retailer’s stock valued at $603,000 after buying an additional 2,509 shares during the period. Pacific Ridge Capital Partners LLC increased its position in PCM by 20.0% in the first quarter. Pacific Ridge Capital Partners LLC now owns 222,527 shares of the specialty retailer’s stock valued at $6,242,000 after buying an additional 37,076 shares during the period. UBS Group AG increased its position in PCM by 2,426.1% in the first quarter. UBS Group AG now owns 13,565 shares of the specialty retailer’s stock valued at $381,000 after buying an additional 13,028 shares during the period. Trexquant Investment LP acquired a new position in PCM during the first quarter valued at approximately $217,000. Finally, Hennessy Advisors Inc. acquired a new position in PCM during the first quarter valued at approximately $4,050,000. Institutional investors and hedge funds own 59.30% of the company’s stock.
Shares of PCM, Inc. (NASDAQ:PCMI) opened at 12.70 on Friday. PCM, Inc. has a 52 week low of $11.80 and a 52 week high of $31.20. The firm’s 50-day moving average is $17.09 and its 200-day moving average is $22.36. The firm has a market capitalization of $159.94 million, a P/E ratio of 10.17 and a beta of 0.87.
PCM (NASDAQ:PCMI) last announced its quarterly earnings data on Wednesday, July 26th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $560.11 million during the quarter, compared to the consensus estimate of $595.74 million. PCM had a net margin of 0.73% and a return on equity of 17.32%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. Equities analysts anticipate that PCM, Inc. will post $2.00 EPS for the current year.
PCM declared that its board has authorized a share buyback plan on Wednesday, August 9th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the specialty retailer to buy up to 6.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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Several equities analysts recently commented on PCMI shares. Zacks Investment Research upgraded shares of PCM from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Tuesday, May 2nd. Roth Capital set a $34.00 price target on shares of PCM and gave the company a “buy” rating in a research note on Friday, April 28th. ValuEngine downgraded shares of PCM from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. B. Riley restated a “buy” rating and issued a $33.00 price target on shares of PCM in a research note on Sunday, July 30th. Finally, BidaskClub upgraded shares of PCM from a “hold” rating to a “buy” rating in a research note on Saturday, July 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $28.18.
PCM Company Profile
PCM, Inc is a multi-vendor provider of technology solutions, including hardware products, software and services, offered through its dedicated sales force, field and internal service teams, direct marketing channels, and owned and operated data centers. The Company’s segments include Commercial, Public Sector and Canada.
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