PC Connection (NASDAQ:CNXN) Announces Earnings Results, Misses Estimates By $0.04 EPS

PC Connection (NASDAQ:CNXN) announced its earnings results on Wednesday. The company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.04), reports. PC Connection had a return on equity of 10.42% and a net margin of 3.23%. The firm had revenue of $724.72 million for the quarter, compared to the consensus estimate of $726.98 million.

PC Connection Trading Up 1.9 %

NASDAQ:CNXN opened at $64.88 on Friday. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 1.92 and a beta of 0.62. The firm has a fifty day simple moving average of $72.32 and a two-hundred day simple moving average of $68.12. PC Connection has a 12 month low of $54.49 and a 12 month high of $77.19.

PC Connection Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Tuesday, November 12th. PC Connection’s payout ratio is 11.73%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of PC Connection from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 29th.

Insiders Place Their Bets

In other PC Connection news, CEO Timothy J. Mcgrath sold 15,377 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the completion of the sale, the chief executive officer now directly owns 277,691 shares in the company, valued at approximately $19,488,354.38. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 56.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Summit Global Investments grew its holdings in shares of PC Connection by 32.8% during the third quarter. Summit Global Investments now owns 10,443 shares of the company’s stock valued at $788,000 after buying an additional 2,581 shares during the last quarter. Amalgamated Bank grew its holdings in shares of PC Connection by 4.6% during the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock valued at $266,000 after buying an additional 154 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of PC Connection by 4.9% during the third quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock valued at $348,000 after buying an additional 216 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of PC Connection by 5.9% during the third quarter. State of Alaska Department of Revenue now owns 7,051 shares of the company’s stock valued at $531,000 after buying an additional 395 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of PC Connection by 5.3% during the third quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock valued at $453,000 after buying an additional 300 shares during the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

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.