Vestcor Inc Lowers Stake in ScanSource, Inc. (NASDAQ:SCSC)

Key Points

• Vestcor Inc reduced its holdings in ScanSource, Inc. by 89.4%, selling 12,510 shares and now owning only 1,484 shares worth about $50,000.
• ScanSource's stock decreased by 0.4%, with a current market capitalization of $871.68 million and a price-to-earnings ratio of 13.92.
• In the most recent quarter, ScanSource reported earnings of $0.86 per share, surpassing expectations, but total revenue was down by 6.3% compared to the previous year.

Vestcor Inc reduced its holdings in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 89.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,484 shares of the industrial products company's stock after selling 12,510 shares during the quarter. Vestcor Inc's holdings in ScanSource were worth $50,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its stake in ScanSource by 88.4% during the first quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock worth $29,000 after acquiring an additional 405 shares in the last quarter. Quarry LP grew its stake in shares of ScanSource by 948.7% in 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. GAMMA Investing LLC grew its stake in shares of ScanSource by 25.5% in 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. Point72 Asset Management L.P. bought a new position in ScanSource during the fourth quarter valued at about $81,000. Finally, Tower Research Capital LLC TRC grew its holdings in ScanSource by 42.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,862 shares of the industrial products company's stock valued at $136,000 after purchasing an additional 848 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

ScanSource Trading Up 4.0%

ScanSource stock traded up $1.58 during trading hours on Friday, reaching $41.32. The company had a trading volume of 305,612 shares, compared to its average volume of 222,015. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.07 and a quick ratio of 1.32. ScanSource, Inc. has a 12-month low of $28.75 and a 12-month high of $53.90. The company has a 50-day moving average price of $41.09 and a 200 day moving average price of $38.45. The firm has a market cap of $933.83 million, a price-to-earnings ratio of 14.92, a P/E/G ratio of 1.08 and a beta of 1.41.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The business had revenue of $704.23 million for the quarter, compared to analyst estimates of $809.17 million. During the same quarter last year, the firm earned $0.69 EPS. The company's revenue was down 6.3% on a year-over-year basis. Equities analysts forecast that ScanSource, Inc. will post 3.33 earnings per share for the current year.

Insider Transactions at ScanSource

In related news, EVP Rachel Hayden sold 6,738 shares of ScanSource stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $41.27, for a total transaction 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 trade represents a 33.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Northcoast Research upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Tuesday, May 6th. Wall Street Zen raised shares of ScanSource from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th.

ScanSource 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.