PC Connection, Inc. (NASDAQ:CNXN) Sees Large Drop in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 221,200 shares, a drop of 9.5% from the March 31st total of 244,400 shares. Currently, 1.9% of the company’s shares are short sold. Based on an average trading volume of 69,900 shares, the days-to-cover ratio is presently 3.2 days.

PC Connection Stock Down 0.5 %

PC Connection stock traded down $0.31 on Monday, hitting $63.38. The company’s stock had a trading volume of 37,635 shares, compared to its average volume of 69,774. The company has a fifty day moving average price of $65.15 and a 200-day moving average price of $63.30. PC Connection has a one year low of $38.13 and a one year high of $70.55. The firm has a market cap of $1.67 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 1.83 and a beta of 0.66.

PC Connection (NASDAQ:CNXN) last released its earnings results on Wednesday, February 14th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.88 by $0.02. PC Connection had a net margin of 2.92% and a return on equity of 10.55%. The firm had revenue of $696.47 million for the quarter, compared to analyst estimates of $673.51 million. Analysts anticipate that PC Connection will post 3.48 EPS for the current year.

PC Connection Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend was Monday, February 26th. This is a positive change from PC Connection’s previous quarterly dividend of $0.08. PC Connection’s dividend payout ratio is 12.66%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On PC Connection

A number of hedge funds have recently bought and sold shares of the company. Maryland State Retirement & Pension System purchased a new stake in shares of PC Connection in the third quarter valued at approximately $222,000. Arizona State Retirement System purchased a new position in shares of PC Connection during the fourth quarter worth $222,000. Jump Financial LLC acquired a new stake in shares of PC Connection in the 3rd quarter valued at $272,000. Illinois Municipal Retirement Fund purchased a new stake in PC Connection in the third quarter valued at approximately $332,000. Finally, Truist Financial Corp acquired a new position in PC Connection during the fourth quarter worth $352,000. Institutional investors own 42.85% of the company’s stock.

PC Connection Company Profile

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.