PC Connection (CNXN) Issues Q3 Earnings Guidance

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PC Connection (NASDAQ:CNXN) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.49-0.51 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.67. The company issued revenue guidance of $657-659 million, compared to the consensus revenue estimate of $701.42 million.

A number of research analysts have commented on the stock. BidaskClub upgraded shares of PC Connection from a hold rating to a buy rating in a research note on Tuesday. Zacks Investment Research lowered shares of PC Connection from a buy rating to a hold rating in a research note on Wednesday, October 3rd. Roth Capital set a $40.00 price objective on shares of PC Connection and gave the company a buy rating in a research note on Friday, August 3rd. Sidoti lowered shares of PC Connection from a buy rating to a neutral rating in a research note on Monday, July 16th. Finally, ValuEngine upgraded shares of PC Connection from a hold rating to a buy rating in a research note on Friday, June 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $36.50.

Shares of NASDAQ:CNXN traded down $6.54 during midday trading on Friday, hitting $30.92. The stock had a trading volume of 2,885 shares, compared to its average volume of 82,089. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 1.89 and a beta of 1.35. PC Connection has a 1 year low of $22.66 and a 1 year high of $43.05.

PC Connection (NASDAQ:CNXN) last issued its earnings results on Thursday, August 2nd. The company reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.05. The business had revenue of $706.57 million for the quarter, compared to the consensus estimate of $696.68 million. PC Connection had a net margin of 2.24% and a return on equity of 11.73%. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share. As a group, sell-side analysts forecast that PC Connection will post 2.51 earnings per share for the current fiscal year.

In other news, Director Negrini David Beffa sold 6,523 shares of PC Connection stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $37.14, for a total value of $242,264.22. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Barbara Duckett sold 2,000 shares of PC Connection stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $41.46, for a total transaction of $82,920.00. Following the completion of the sale, the director now directly owns 12,877 shares in the company, valued at approximately $533,880.42. The disclosure for this sale can be found here. 57.10% of the stock is owned by insiders.

A hedge fund recently raised its stake in PC Connection stock. Bank of New York Mellon Corp grew its position in PC Connection, Inc. (NASDAQ:CNXN) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,800 shares of the company’s stock after acquiring an additional 1,783 shares during the period. Bank of New York Mellon Corp owned about 0.31% of PC Connection worth $2,749,000 at the end of the most recent quarter. Institutional investors own 41.31% of the company’s stock.

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.

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