Royal Bank of Canada grew its position in PC Connection, Inc. (NASDAQ:CNXN) by 15.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 250,510 shares of the company’s stock after purchasing an additional 33,294 shares during the quarter. Royal Bank of Canada owned approximately 0.94% of PC Connection worth $6,779,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in shares of PC Connection in the 1st quarter valued at $102,000. Dubuque Bank & Trust Co. boosted its stake in shares of PC Connection by 64.9% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 5,779 shares of the company’s stock valued at $156,000 after purchasing an additional 2,275 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of PC Connection in the 1st quarter valued at $175,000. Envestnet Asset Management Inc. bought a new stake in shares of PC Connection in the 1st quarter valued at $188,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of PC Connection in the 1st quarter valued at $205,000. 41.38% of the stock is currently owned by institutional investors.
In other PC Connection news, CEO Timothy J. Mcgrath sold 26,122 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $25.82, for a total transaction of $674,470.04. Following the transaction, the chief executive officer now directly owns 224,907 shares of the company’s stock, valued at approximately $5,807,098.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Negrini David Beffa sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the director now directly owns 129,800 shares in the company, valued at $3,374,800. The disclosure for this sale can be found here. 57.30% of the stock is currently owned by insiders.
PC Connection, Inc. (NASDAQ CNXN) opened at 27.86 on Friday. PC Connection, Inc. has a 52 week low of $22.31 and a 52 week high of $30.48. The company’s 50-day moving average is $27.19 and its 200 day moving average is $26.96. The company has a market capitalization of $746.20 million, a price-to-earnings ratio of 15.75 and a beta of 1.68.
PC Connection (NASDAQ:CNXN) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.03. The business had revenue of $749.79 million for the quarter, compared to the consensus estimate of $733.18 million. PC Connection had a net margin of 1.66% and a return on equity of 11.39%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 EPS. On average, analysts forecast that PC Connection, Inc. will post $1.91 EPS for the current fiscal year.
A number of research firms have recently commented on CNXN. Zacks Investment Research lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. ValuEngine lowered shares of PC Connection from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Roth Capital set a $33.00 target price on shares of PC Connection and gave the stock a “buy” rating in a research note on Friday, July 28th.
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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