Hsbc Holdings PLC Sells 18,803 Shares of ScanSource, Inc. $SCSC

Key Points

• HSBC Holdings reduced its ScanSource stake by 57%, selling 18,803 shares during the first quarter and retaining 14,166 shares valued at approximately $511,000. Institutional investors collectively own 97.91% of the company.
• ScanSource reported quarterly earnings of $0.94 per share, exceeding estimates of $0.91, while revenue rose 8.8% year over year to $758.59 million. The stock opened at $56.62, near its 52-week high of $58.94.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $43.00; Wall Street Zen recently downgraded the stock from “Buy” to “Hold.”

Hsbc Holdings PLC lessened its position in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 57.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,166 shares of the industrial products company's stock after selling 18,803 shares during the quarter. Hsbc Holdings PLC owned about 0.07% of ScanSource worth $511,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SCSC. Canada Pension Plan Investment Board bought a new position in shares of ScanSource during the 2nd quarter valued at approximately $25,000. Royal Bank of Canada increased its position in ScanSource by 165.0% in the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company's stock worth $73,000 after purchasing an additional 1,168 shares during the last quarter. Osaic Holdings Inc. raised its stake in ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company's stock valued at $87,000 after purchasing an additional 1,670 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in ScanSource by 672.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company's stock valued at $194,000 after purchasing an additional 4,032 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in ScanSource by 12.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company's stock valued at $204,000 after purchasing an additional 590 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Stock Up 0.2%

Shares of SCSC opened at $56.62 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average of $51.00 and a 200 day moving average of $43.20. The company has a market cap of $1.15 billion, a PE ratio of 17.16, a P/E/G ratio of 0.88 and a beta of 1.28. ScanSource, Inc. has a 52-week low of $33.76 and a 52-week high of $58.94.

ScanSource (NASDAQ:SCSC - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business had revenue of $758.59 million for the quarter, compared to analysts' expectations of $738.55 million. During the same quarter in the previous year, the business posted $0.86 earnings per share. The business's revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts expect that ScanSource, Inc. will post 3.9 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of ScanSource from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Zacks Research raised shares of ScanSource from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Finally, Weiss Ratings upgraded ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 29th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, ScanSource presently has a consensus rating of "Hold" and an average price target of $43.00.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.

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