Teacher Retirement System of Texas Sells 20,072 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Teacher Retirement System of Texas decreased its position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 40.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,294 shares of the industrial products company's stock after selling 20,072 shares during the quarter. Teacher Retirement System of Texas owned about 0.12% of ScanSource worth $996,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Moran Wealth Management LLC acquired a new position in shares of ScanSource in the first quarter valued at approximately $1,890,000. Advisor Resource Council acquired a new position in shares of ScanSource in the first quarter valued at approximately $396,000. RHS Financial LLC grew its position in shares of 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 during the last quarter. Exchange Traded Concepts LLC grew its position in shares of ScanSource by 33.7% in the first quarter. Exchange Traded Concepts LLC now owns 28,773 shares of the industrial products company's stock valued at $979,000 after purchasing an additional 7,254 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of ScanSource by 33.4% in the first quarter. Ritholtz Wealth Management now owns 20,021 shares of the industrial products company's stock valued at $681,000 after buying an additional 5,008 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

ScanSource Price Performance

Shares of SCSC stock traded up $0.51 during trading on Thursday, hitting $41.02. The company had a trading volume of 225,605 shares, compared to its average volume of 227,643. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.32 and a current ratio of 2.07. The firm has a market capitalization of $927.05 million, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 1.10 and a beta of 1.38. The stock's 50-day moving average price is $41.16 and its 200 day moving average price is $39.39. ScanSource, Inc. has a one year low of $28.75 and a one year high of $53.90.

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

Insiders Place Their Bets

In other ScanSource news, EVP Rachel Hayden sold 6,738 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the sale, the executive vice president directly owned 13,174 shares in the company, valued at $543,690.98. This represents a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

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.