ScanSource, Inc. $SCSC Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its ScanSource stake by 15.2% in the third quarter, selling 168,593 shares; it retained 941,150 shares, worth about $55.3 million.
• ScanSource reported quarterly EPS of $1.46, beating the $1.14 consensus, while revenue of $953.1 million exceeded forecasts and rose 17.3% year over year.
• Analysts’ consensus rating was Hold, with a $51 price target; insiders also sold 95,632 shares worth about $5.5 million over 90 days.

Pzena Investment Management LLC trimmed its position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 15.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 941,150 shares of the industrial products company's stock after selling 168,593 shares during the period. Pzena Investment Management LLC owned about 4.62% of ScanSource worth $55,274,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SCSC. Oregon Public Employees Retirement Fund grew its holdings in shares of ScanSource by 4.6% in the third quarter. Oregon Public Employees Retirement Fund now owns 4,516 shares of the industrial products company's stock valued at $265,000 after acquiring an additional 200 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in ScanSource by 5.5% during the third quarter. Yousif Capital Management LLC now owns 5,121 shares of the industrial products company's stock worth $301,000 after acquiring an additional 265 shares during the period. SummerHaven Investment Management LLC lifted its holdings in ScanSource by 4.9% during the third quarter. SummerHaven Investment Management LLC now owns 18,065 shares of the industrial products company's stock worth $1,061,000 after acquiring an additional 837 shares during the period. Signaturefd LLC boosted its position in ScanSource by 128.1% in the third quarter. Signaturefd LLC now owns 2,108 shares of the industrial products company's stock worth $124,000 after purchasing an additional 1,184 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its position in ScanSource by 2.8% in the second quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company's stock worth $3,812,000 after purchasing an additional 1,963 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

ScanSource Price Performance

Shares of NASDAQ:SCSC opened at $56.98 on Thursday. The company has a 50 day moving average of $58.73 and a 200 day moving average of $48.07. The company has a current ratio of 1.76, a quick ratio of 1.15 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.16 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.77 and a beta of 1.28. ScanSource, Inc. has a 12 month low of $33.76 and a 12 month high of $66.78.

ScanSource (NASDAQ:SCSC - Get Free Report) last released its quarterly earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.32. The firm had revenue of $953.11 million for the quarter, compared to analysts' expectations of $814.35 million. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The business's quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share. As a group, sell-side analysts forecast that ScanSource, Inc. will post 4.90 EPS for the current fiscal year.

Analyst Ratings Changes

SCSC has been the topic of a number of research analyst reports. Zacks Research downgraded shares of ScanSource from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 20th. Weiss Ratings raised shares of ScanSource from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Northcoast Research cut shares of ScanSource from a "buy" rating to a "neutral" rating in a research note on Monday, August 17th. Wall Street Zen raised shares of ScanSource from a "buy" rating to a "strong-buy" rating in a research report on Sunday, October 25th. Finally, Barclays raised their price target on shares of ScanSource from $43.00 to $51.00 and gave the stock an "equal weight" rating in a research note on Monday, October 12th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $51.00.

Insider Activity at ScanSource

In related news, CFO Stephen Jones sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $56.76, for a total value of $567,600.00. Following the transaction, the chief financial officer directly owned 87,421 shares in the company, valued at approximately $4,962,015.96. This represents a 10.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Brandy Ford sold 5,293 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the completion of the sale, the chief accounting officer directly owned 9,907 shares in the company, valued at $568,959.01. This represents a 34.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,632 shares of company stock valued at $5,484,582 in the last ninety days. 3.18% of the stock is currently owned by company insiders.

ScanSource Company Profile

ScanSource, Inc NASDAQ: SCSC is a technology distributor that connects manufacturers of business technology products with value-added resellers, systems integrators and other channel partners. The company provides products, services and expertise intended to help partners design, deploy and support technology solutions for business customers.

ScanSource's offerings include point-of-sale and payment technology, barcode scanners, mobile computing devices, networking equipment, cybersecurity products, communications systems and cloud-based services.

Want to see what other hedge funds are holding SCSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ScanSource, Inc. (NASDAQ:SCSC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.