Raymond James Financial Inc. Sells 28,918 Shares of ScanSource, Inc. $SCSC

Raymond James Financial Inc. trimmed its stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 24.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,929 shares of the industrial products company's stock after selling 28,918 shares during the period. Raymond James Financial Inc. owned about 0.39% of ScanSource worth $3,092,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. SummerHaven Investment Management LLC raised its holdings in shares of ScanSource by 1.9% during the first quarter. SummerHaven Investment Management LLC now owns 18,409 shares of the industrial products company's stock worth $626,000 after acquiring an additional 344 shares during the period. GAMMA Investing LLC grew its position in ScanSource by 25.5% in the first quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock valued at $66,000 after purchasing an additional 395 shares in the last quarter. Versant Capital Management Inc grew its position in 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 purchasing an additional 405 shares in the last quarter. RHS Financial LLC grew its position in ScanSource by 13.1% in the first quarter. RHS Financial LLC now owns 6,765 shares of the industrial products company's stock valued at $230,000 after purchasing an additional 784 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in ScanSource by 1.7% in the first quarter. Mackenzie Financial Corp now owns 56,642 shares of the industrial products company's stock valued at $1,926,000 after purchasing an additional 950 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Rachel Hayden sold 6,738 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $41.27, for a total value of $278,077.26. Following the transaction, the executive vice president owned 13,174 shares in the company, valued at approximately $543,690.98. This represents a 33.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 10,415 shares of company stock valued at $439,848. 4.20% of the stock is currently owned by corporate insiders.

ScanSource Stock Performance

Shares of SCSC traded up $1.49 during midday trading on Thursday, reaching $44.79. The stock had a trading volume of 71,130 shares, compared to its average volume of 246,081. The firm has a 50 day simple moving average of $42.09 and a 200-day simple moving average of $38.73. ScanSource, Inc. has a one year low of $28.75 and a one year high of $53.90. The firm has a market cap of $980.45 million, a PE ratio of 14.85, a P/E/G ratio of 0.73 and a beta of 1.43. The company has a current ratio of 2.01, a quick ratio of 1.30 and a debt-to-equity ratio of 0.14.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its quarterly earnings data on Thursday, August 21st. The industrial products company reported $1.02 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.11. ScanSource had a net margin of 2.35% and a return on equity of 9.38%. The company had revenue of $812.89 million during the quarter, compared to the consensus estimate of $776.21 million. During the same quarter last year, the firm posted $0.80 EPS. The company's quarterly revenue was up 8.9% on a year-over-year basis. ScanSource has set its FY 2026 guidance at EPS. As a group, sell-side analysts anticipate that ScanSource, Inc. will post 3.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of 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. Zacks Research raised shares of ScanSource from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat, the company currently has an average rating of "Strong Buy" and a consensus target price of $42.00.

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.