Cubist Systematic Strategies LLC Cuts Stock Position in ScanSource, Inc. (NASDAQ:SCSC)

Cubist Systematic Strategies LLC decreased its stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 70.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,192 shares of the industrial products company's stock after selling 33,873 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.06% of ScanSource worth $673,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC bought a new position in ScanSource during the 4th quarter valued at about $78,694,000. American Century Companies Inc. lifted its holdings in shares of ScanSource by 13.1% during the 4th quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company's stock valued at $36,030,000 after purchasing an additional 87,721 shares during the last quarter. Invesco Ltd. boosted its stake in ScanSource by 2.4% in the 4th quarter. Invesco Ltd. now owns 618,099 shares of the industrial products company's stock worth $29,329,000 after purchasing an additional 14,669 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of ScanSource by 15.6% during the fourth quarter. JPMorgan Chase & Co. now owns 436,007 shares of the industrial products company's stock valued at $20,689,000 after buying an additional 58,927 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in shares of ScanSource by 1.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 366,156 shares of the industrial products company's stock valued at $17,374,000 after buying an additional 6,592 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Buying and Selling at ScanSource

In related news, CFO Stephen Jones sold 2,000 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $36.14, for a total value of $72,280.00. Following the sale, the chief financial officer now directly owns 69,816 shares in the company, valued at approximately $2,523,150.24. The trade was a 2.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on SCSC. Northcoast Research upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a research note on Tuesday, May 6th. StockNews.com upgraded shares of ScanSource from a "hold" rating to a "buy" rating in a research note on Monday, May 12th.

ScanSource Price Performance

SCSC stock traded down $0.20 during midday trading on Wednesday, reaching $40.03. The stock had a trading volume of 22,295 shares, compared to its average volume of 233,105. The company's fifty day simple moving average is $34.64 and its 200 day simple moving average is $41.93. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. The company has a market cap of $904.40 million, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 1.14 and a beta of 1.30. ScanSource, Inc. has a 52-week low of $28.75 and a 52-week high of $53.90.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. ScanSource had a net margin of 2.08% and a return on equity of 8.55%. The firm had revenue of $704.23 million during the quarter, compared to analyst estimates of $809.17 million. During the same quarter in the prior year, the firm posted $0.69 earnings per share. ScanSource's quarterly revenue was down 6.3% on a year-over-year basis. As a group, sell-side analysts predict that ScanSource, Inc. will post 3.33 earnings per share for the current fiscal year.

About ScanSource

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.