ScanSource, Inc. (NASDAQ:SCSC) Stake Trimmed by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly reduced its stake in ScanSource, Inc. by 86% during Q1, selling 1,711,739 shares, leaving it with 278,410 shares valued at approximately $9.47 million.
• After reporting EPS of $0.86 for the last quarter, ScanSource's revenue declined 6.3% year-over-year, totaling $704.23 million, which fell short of analysts' expectations of $809.17 million.
• Major hedge funds like Castlekeep Investment Advisors and Pzena Investment Management have recently increased their positions in ScanSource, indicating ongoing institutional interest in the stock.

Pacer Advisors Inc. lessened its holdings in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 86.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 278,410 shares of the industrial products company's stock after selling 1,711,739 shares during the period. Pacer Advisors Inc. owned approximately 1.19% of ScanSource worth $9,469,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Versant Capital Management Inc raised its stake in shares of ScanSource by 88.4% in the first quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 405 shares in the last quarter. Quarry LP boosted its position in shares of ScanSource by 948.7% during the 4th quarter. Quarry LP now owns 797 shares of the industrial products company's stock worth $38,000 after acquiring an additional 721 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of ScanSource in the 4th quarter valued at about $64,000. GAMMA Investing LLC raised its position in shares of ScanSource by 25.5% during the 1st quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock worth $66,000 after acquiring an additional 395 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of ScanSource during the 4th quarter worth approximately $81,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SCSC. Wall Street Zen raised shares of ScanSource from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Northcoast Research upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a research report on Tuesday, May 6th.

ScanSource Trading Down 3.2%

Shares of SCSC stock traded down $1.29 during mid-day trading on Thursday, reaching $38.75. The company's stock had a trading volume of 57,053 shares, compared to its average volume of 235,937. The company's 50 day simple moving average is $41.21 and its 200-day simple moving average is $38.96. The company has a quick ratio of 1.32, a current ratio of 2.07 and a debt-to-equity ratio of 0.14. ScanSource, Inc. has a 12-month low of $28.75 and a 12-month high of $53.90. The firm has a market capitalization of $875.64 million, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.11 and a beta of 1.38.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly 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. ScanSource had a return on equity of 8.96% and a net margin of 2.27%. The firm had revenue of $704.23 million during the quarter, compared to the consensus estimate of $809.17 million. During the same quarter in the prior year, the business posted $0.69 earnings per share. ScanSource's revenue for the quarter was down 6.3% on a year-over-year basis. On average, research analysts predict that ScanSource, Inc. will post 3.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Rachel Hayden sold 6,738 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $41.27, for a total value 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.20% of the stock is currently owned by insiders.

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.