TIAA CREF Investment Management LLC reduced its position in PC Connection, Inc. (NASDAQ:CNXN) by 2.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,605 shares of the company’s stock after selling 1,920 shares during the period. TIAA CREF Investment Management LLC owned about 0.24% of PC Connection worth $1,721,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in CNXN. Vanguard Group Inc. purchased a new position in shares of PC Connection in the first quarter worth approximately $14,873,000. Renaissance Technologies LLC purchased a new position in shares of PC Connection in the first quarter worth approximately $5,374,000. Geode Capital Management LLC purchased a new position in shares of PC Connection in the first quarter worth approximately $4,707,000. Tributary Capital Management LLC increased its position in shares of PC Connection by 68.2% in the second quarter. Tributary Capital Management LLC now owns 385,128 shares of the company’s stock worth $10,422,000 after acquiring an additional 156,106 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in PC Connection during the first quarter valued at approximately $2,374,000. 41.49% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Negrini David Beffa sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was 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 through this hyperlink. Also, CEO Timothy J. Mcgrath sold 26,122 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $25.82, for a total value 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. 57.30% of the stock is owned by insiders.
A number of research analysts recently commented on the stock. Zacks Investment Research raised shares of PC Connection from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a research report on Monday, July 31st. ValuEngine raised shares of PC Connection from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Roth Capital set a $33.00 price objective on shares of PC Connection and gave the company a “buy” rating in a research report on Friday, July 28th.
PC Connection, Inc. (NASDAQ:CNXN) opened at $26.49 on Friday. The stock has a market cap of $713.31 million, a P/E 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 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. PC Connection had a return on equity of 11.00% and a net margin of 1.63%. The business had revenue of $729.23 million for the quarter, compared to the consensus estimate of $727.84 million. During the same period in the previous year, the business earned $0.53 earnings per share. The business’s revenue was up 2.9% on a year-over-year basis. research analysts expect that PC Connection, Inc. will post 1.81 EPS for the current fiscal year.
PC Connection Profile
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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