ScanSource, Inc. (NASDAQ:SCSC) Stake Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 11.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 144,740 shares of the industrial products company's stock after selling 18,143 shares during the period. Bank of New York Mellon Corp owned approximately 0.62% of ScanSource worth $4,923,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in ScanSource by 88.4% during the 1st quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock worth $29,000 after acquiring an additional 405 shares in the last quarter. Quarry LP increased its stake in ScanSource by 948.7% in the 4th quarter. Quarry LP now owns 797 shares of the industrial products company's stock valued at $38,000 after buying an additional 721 shares during the period. New Age Alpha Advisors LLC acquired a new position in ScanSource in the 4th quarter valued at $64,000. GAMMA Investing LLC increased its stake in ScanSource by 25.5% in the 1st quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock valued at $66,000 after buying an additional 395 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of ScanSource during the 4th quarter worth $81,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity

In other news, EVP Rachel Hayden sold 6,738 shares of the business's stock in a transaction on 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 owned 13,174 shares of the company's stock, valued at approximately $543,690.98. The trade was a 33.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.20% of the company's stock.

ScanSource Price Performance

Shares of SCSC remained flat at $41.05 during mid-day trading on Friday. 181,739 shares of the stock were exchanged, compared to its average volume of 204,590. ScanSource, Inc. has a 12 month low of $28.75 and a 12 month high of $53.90. The company has a current ratio of 2.07, a quick ratio of 1.32 and a debt-to-equity ratio of 0.14. The stock has a market cap of $927.73 million, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.12 and a beta of 1.38. The firm has a 50-day moving average of $41.19 and a two-hundred day moving average of $39.11.

ScanSource (NASDAQ:SCSC - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $704.23 million during the quarter, compared to the consensus estimate of $809.17 million. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The business's quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. On average, equities research analysts expect that ScanSource, Inc. will post 3.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SCSC. Northcoast Research raised shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a research note on Tuesday, May 6th. Wall Street Zen upgraded shares of ScanSource from a "hold" rating to a "buy" rating in a report on Saturday, July 12th.

ScanSource Company 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.