New York State Teachers Retirement System Sells 21,012 Shares of ScanSource, Inc. $SCSC

Key Points

• New York State Teachers Retirement System reduced its ScanSource stake by 56.2% in the first quarter, selling 21,012 shares and leaving it with 16,392 shares worth about $595,000.
• ScanSource shares were up 1.5% to $53.86, near the stock’s 52-week high of $54.33, while the company’s market cap stood at about $1.09 billion.
• The company recently reported better-than-expected earnings, posting $0.94 EPS on revenue of $758.59 million, and analysts currently have a consensus Hold rating with an average price target of $43.00.

New York State Teachers Retirement System cut its holdings in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 56.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,392 shares of the industrial products company's stock after selling 21,012 shares during the quarter. New York State Teachers Retirement System owned 0.08% of ScanSource worth $595,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SCSC. Canada Pension Plan Investment Board bought a new position in ScanSource during the second quarter valued at $25,000. Royal Bank of Canada raised its position in shares of ScanSource by 165.0% during the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company's stock valued at $73,000 after buying an additional 1,168 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company's stock valued at $87,000 after buying an additional 1,670 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of ScanSource by 672.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company's stock valued at $194,000 after buying an additional 4,032 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of ScanSource by 12.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company's stock valued at $204,000 after acquiring an additional 590 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

ScanSource Stock Up 1.5%

Shares of NASDAQ SCSC opened at $53.86 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The company has a market cap of $1.09 billion, a P/E ratio of 16.32, a PEG ratio of 0.82 and a beta of 1.28. ScanSource, Inc. has a 1 year low of $33.76 and a 1 year high of $54.33. The firm has a 50-day simple moving average of $47.58 and a two-hundred day simple moving average of $41.68.

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on SCSC shares. Weiss Ratings raised ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 29th. Zacks Research raised ScanSource from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Finally, Wall Street Zen raised ScanSource from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $43.00.

ScanSource 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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