ScanSource, Inc. (NASDAQ:SCSC) Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH has decreased its stake in ScanSource, Inc. by 41.5%, now holding approximately 0.10% of the company's shares worth $816,000.
• Recent analyst reports indicate a positive outlook for ScanSource, with Northcoast Research upgrading the stock to a "buy" rating and setting a price target of $42.00.
• ScanSource reported $0.86 earnings per share for the last quarter, exceeding expectations of $0.77, despite a revenue decline of 6.3% year-over-year.

Allianz Asset Management GmbH reduced its position in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 41.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,999 shares of the industrial products company's stock after selling 16,992 shares during the period. Allianz Asset Management GmbH owned about 0.10% of ScanSource worth $816,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SCSC. Quarry LP grew its stake in shares of ScanSource by 948.7% during the fourth quarter. Quarry LP now owns 797 shares of the industrial products company's stock worth $38,000 after purchasing an additional 721 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of ScanSource by 88.4% during the first quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock worth $29,000 after purchasing an additional 405 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of ScanSource during the fourth quarter worth $64,000. Point72 Asset Management L.P. acquired a new position in shares of ScanSource during the fourth quarter worth $81,000. Finally, GAMMA Investing LLC grew its stake in shares of ScanSource by 25.5% during the first quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock worth $66,000 after purchasing an additional 395 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of ScanSource from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Northcoast Research raised shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a research report on Tuesday, May 6th.

Insider Transactions at ScanSource

In related news, EVP Rachel Hayden sold 6,738 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the transaction, the executive vice president directly owned 13,174 shares of the company's stock, valued at $543,690.98. This represents a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.20% of the stock is owned by corporate insiders.

ScanSource Stock Performance

Shares of NASDAQ:SCSC traded up $0.55 on Monday, reaching $38.33. The company's stock had a trading volume of 37,930 shares, compared to its average volume of 236,303. The stock's 50-day moving average is $41.17 and its two-hundred day moving average is $38.68. ScanSource, Inc. has a 52-week low of $28.75 and a 52-week high of $53.90. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.07 and a quick ratio of 1.32. The stock has a market capitalization of $866.26 million, a P/E ratio of 13.84, a PEG ratio of 1.03 and a beta of 1.41.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its earnings results on Thursday, May 8th. The industrial products company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $704.23 million during the quarter, compared to analysts' expectations of $809.17 million. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The business's revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 earnings per share. As a group, sell-side analysts forecast that ScanSource, Inc. will post 3.33 EPS for the current year.

ScanSource Profile

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.