PC Connection, Inc. (NASDAQ:CNXN) Short Interest Up 12.5% in June

PC Connection, Inc. (NASDAQ:CNXN) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 232,700 shares, a growth of 12.5% from the May 31st total of 206,800 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average daily trading volume, of 67,600 shares, the days-to-cover ratio is currently 3.4 days.

PC Connection Stock Down 0.6 %

NASDAQ:CNXN traded down $0.36 during trading hours on Wednesday, hitting $63.69. 37,778 shares of the company’s stock traded hands, compared to its average volume of 72,635. The business’s fifty day simple moving average is $65.16 and its two-hundred day simple moving average is $65.44. PC Connection has a 52 week low of $44.01 and a 52 week high of $70.55. The firm has a market cap of $1.68 billion, a P/E ratio of 20.41, a P/E/G ratio of 1.92 and a beta of 0.61.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $632.03 million for the quarter, compared to the consensus estimate of $694.19 million. PC Connection had a return on equity of 10.10% and a net margin of 2.98%. During the same period last year, the firm earned $0.56 EPS. On average, analysts expect that PC Connection will post 3.35 EPS for the current year.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, May 13th. This represents a $0.40 annualized dividend and a dividend yield of 0.63%. PC Connection’s dividend payout ratio is currently 12.82%.

Insiders Place Their Bets

In other news, Director Barbara Duckett sold 1,000 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $68.08, for a total value of $68,080.00. Following the completion of the transaction, the director now directly owns 13,877 shares of the company’s stock, valued at $944,746.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 56.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CNXN. AQR Capital Management LLC increased its holdings in PC Connection by 6.4% during the 3rd quarter. AQR Capital Management LLC now owns 111,298 shares of the company’s stock valued at $5,941,000 after purchasing an additional 6,677 shares during the period. Exchange Traded Concepts LLC boosted its position in PC Connection by 50.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 17,313 shares of the company’s stock valued at $1,164,000 after acquiring an additional 5,806 shares in the last quarter. Pacer Advisors Inc. boosted its position in PC Connection by 65.0% during the 4th quarter. Pacer Advisors Inc. now owns 672,203 shares of the company’s stock valued at $45,179,000 after acquiring an additional 264,687 shares in the last quarter. Arizona State Retirement System bought a new stake in PC Connection during the 4th quarter valued at approximately $222,000. Finally, Louisiana State Employees Retirement System bought a new stake in PC Connection during the 4th quarter valued at approximately $383,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered PC Connection from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 26th.

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.