Nationwide Fund Advisors maintained its stake in PC Connection, Inc. (NASDAQ:CNXN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,100 shares of the company’s stock at the close of the second quarter. Nationwide Fund Advisors owned 0.07% of PC Connection worth $517,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in CNXN. Bank of New York Mellon Corp acquired a new position in shares of PC Connection during the first quarter worth approximately $2,374,000. Swiss National Bank acquired a new position in shares of PC Connection during the first quarter worth approximately $593,000. Ameriprise Financial Inc. acquired a new position in shares of PC Connection during the first quarter worth approximately $357,000. Parametric Portfolio Associates LLC acquired a new position in shares of PC Connection during the first quarter worth approximately $727,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of PC Connection during the first quarter worth approximately $258,000. Institutional investors own 41.49% of the company’s stock.
PC Connection, Inc. (NASDAQ:CNXN) opened at $26.49 on Friday. The firm has a market cap of $713.31 million, a price-to-earnings ratio of 14.54, a P/E/G ratio of 1.84 and a beta of 1.60.
PC Connection (NASDAQ:CNXN) last announced its quarterly earnings data on Thursday, October 26th. The company reported $0.49 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. PC Connection had a net margin of 1.63% and a return on equity of 11.00%. The business had revenue of $729.23 million for the quarter, compared to analyst estimates of $727.84 million. During the same period in the prior year, the business posted $0.53 earnings per share. PC Connection’s revenue was up 2.9% compared to the same quarter last year. equities research analysts expect that PC Connection, Inc. will post 1.81 earnings per share for the current fiscal year.
In related news, Director Negrini David Beffa sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the director now directly owns 129,800 shares in the company, valued at $3,374,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy J. Mcgrath sold 26,122 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $25.82, for a total transaction of $674,470.04. Following the completion of the transaction, the chief executive officer now owns 224,907 shares in the company, valued at $5,807,098.74. The disclosure for this sale can be found here. Corporate insiders own 57.30% of the company’s stock.
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A number of equities analysts have recently issued reports on CNXN shares. Zacks Investment Research lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. ValuEngine lowered shares of PC Connection from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Roth Capital set a $33.00 price objective on shares of PC Connection and gave the company a “buy” rating in a report on Friday, July 28th.
About PC Connection
PC Connection, Inc is a provider of a range of information technology (IT) solutions. The Company conducts its business operations through three business segments: small- to medium-sized businesses (SMB), Large Account and Public Sector. The Company enables customers to design, enable, manage and service their IT environments.
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