PC Connection (NASDAQ:CNXN) Shares Pass Above 200-Day Moving Average of $62.79

PC Connection, Inc. (NASDAQ:CNXN)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $62.79 and traded as high as $62.99. PC Connection shares last traded at $62.30, with a volume of 34,603 shares traded.

Analyst Upgrades and Downgrades

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

PC Connection Stock Performance

The firm has a 50 day moving average of $65.52 and a 200-day moving average of $62.78. The stock has a market capitalization of $1.64 billion, a PE ratio of 19.66, a P/E/G ratio of 1.78 and a beta of 0.66.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.88 by $0.02. The business had revenue of $696.47 million during the quarter, compared to analysts’ expectations of $673.51 million. PC Connection had a net margin of 2.92% and a return on equity of 10.55%. On average, sell-side analysts predict that PC Connection, Inc. will post 3.5 earnings per share for the current year.

PC Connection Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were issued a dividend of $0.10 per share. This is a boost from PC Connection’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend was Monday, February 26th. PC Connection’s payout ratio is currently 12.66%.

Institutional Trading of PC Connection

Several hedge funds and other institutional investors have recently modified their holdings of the company. Coppell Advisory Solutions Corp. acquired a new stake in PC Connection in the fourth quarter valued at approximately $25,000. Point72 Middle East FZE bought a new position in shares of PC Connection during the 4th quarter valued at $28,000. Russell Investments Group Ltd. acquired a new stake in shares of PC Connection in the 1st quarter valued at $28,000. Tower Research Capital LLC TRC lifted its stake in shares of PC Connection by 62.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 755 shares of the company’s stock valued at $35,000 after purchasing an additional 290 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in PC Connection by 2,189.7% in the first quarter. Covestor Ltd now owns 893 shares of the company’s stock worth $47,000 after purchasing an additional 854 shares in the last quarter. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

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.