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

Teacher Retirement System of Texas cut its stake in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 40.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,294 shares of the industrial products company's stock after selling 20,072 shares during the period. Teacher Retirement System of Texas owned approximately 0.12% of ScanSource worth $996,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SCSC. Victory Capital Management Inc. lifted its stake in shares of ScanSource by 142.2% in the fourth quarter. Victory Capital Management Inc. now owns 119,599 shares of the industrial products company's stock valued at $5,675,000 after buying an additional 70,228 shares during the period. Raymond James Financial Inc. acquired a new position in ScanSource in the 4th quarter valued at approximately $5,687,000. Amundi lifted its position in shares of ScanSource by 6.4% in the 4th quarter. Amundi now owns 19,584 shares of the industrial products company's stock worth $937,000 after acquiring an additional 1,176 shares during the period. AlphaQuest LLC grew its holdings in shares of ScanSource by 252.4% during the 4th quarter. AlphaQuest LLC now owns 4,662 shares of the industrial products company's stock worth $221,000 after purchasing an additional 3,339 shares in the last quarter. Finally, Vestcor Inc increased its position in shares of ScanSource by 656.0% during the fourth quarter. Vestcor Inc now owns 13,994 shares of the industrial products company's stock valued at $664,000 after purchasing an additional 12,143 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

ScanSource Price Performance

Shares of ScanSource stock traded up $0.26 during midday trading on Monday, hitting $41.66. 219,725 shares of the company were exchanged, compared to its average volume of 239,358. The firm has a 50 day simple moving average of $40.79 and a 200-day simple moving average of $39.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.07 and a quick ratio of 1.32. The firm has a market cap of $941.35 million, a P/E ratio of 15.04, a PEG ratio of 1.12 and a beta of 1.38. ScanSource, Inc. has a 52 week low of $28.75 and a 52 week high of $53.90.

ScanSource (NASDAQ:SCSC - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $704.23 million during the quarter, compared to analyst estimates of $809.17 million. During the same period in the prior year, the company posted $0.69 earnings per share. The business's revenue for the quarter was down 6.3% compared to the same quarter last year. Research analysts forecast that ScanSource, Inc. will post 3.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Rachel Hayden sold 6,738 shares of ScanSource stock in a transaction that occurred on Friday, June 20th. The shares were 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 owned 13,174 shares in the company, valued at approximately $543,690.98. The trade was a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SCSC. Wall Street Zen upgraded shares of ScanSource from a "hold" rating to a "buy" rating in a research note on Saturday. 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 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.