Insider Selling: ScanSource (NASDAQ:SCSC) Director Sells 3,000 Shares

Key Points

• ScanSource Director Charles Mathis sold 3,000 shares at an average price of $58, generating $174,000. He retained 25,027 shares, a 10.7% reduction in his direct ownership.
• ScanSource reported strong quarterly results, with EPS of $1.46 beating estimates of $1.14 and revenue of $953.11 million rising 17.3% year over year.
• SCSC shares rose 0.7% to $58.59, while institutional investors own 97.91% of the stock. Analyst sentiment is mixed but averages a “Moderate Buy” rating.

ScanSource, Inc. (NASDAQ:SCSC - Get Free Report) Director Charles Mathis sold 3,000 shares of the business's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $58.00, for a total value of $174,000.00. Following the completion of the sale, the director directly owned 25,027 shares in the company, valued at approximately $1,451,566. This represents a 10.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

ScanSource Stock Up 0.7%

SCSC stock traded up $0.40 on Monday, reaching $58.59. 208,546 shares of the company traded hands, compared to its average volume of 237,687. ScanSource, Inc. has a one year low of $33.76 and a one year high of $66.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. The company has a market cap of $1.18 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 0.85 and a beta of 1.24. The firm has a fifty day simple moving average of $55.15 and a 200-day simple moving average of $46.61.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The business had revenue of $953.11 million during the quarter, compared to analysts' expectations of $814.35 million. During the same quarter in the previous year, the business earned $1.02 earnings per share. The firm's quarterly revenue was up 17.3% compared to the same quarter last year. Research analysts anticipate that ScanSource, Inc. will post 4.56 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in ScanSource during the second quarter valued at about $200,140,000. California State Teachers Retirement System increased its position in ScanSource by 4,972.0% in the second quarter. California State Teachers Retirement System now owns 1,338,036 shares of the industrial products company's stock worth $69,698,000 after buying an additional 1,311,655 shares in the last quarter. Pzena Investment Management LLC bought a new position in shares of ScanSource in the second quarter worth about $57,807,000. LSV Asset Management raised its stake in shares of ScanSource by 40.6% in the fourth quarter. LSV Asset Management now owns 847,863 shares of the industrial products company's stock worth $33,118,000 after buying an additional 244,903 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of ScanSource by 74.4% during the 1st quarter. SG Americas Securities LLC now owns 494,988 shares of the industrial products company's stock valued at $17,968,000 after buying an additional 211,232 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analyst Weigh In

SCSC has been the topic of several recent analyst reports. Zacks Research raised shares of ScanSource from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 24th. Weiss Ratings reiterated a "hold (c+)" rating on shares of ScanSource in a research note on Wednesday, August 26th. Wall Street Zen upgraded shares of ScanSource from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 29th. Finally, Northcoast Research downgraded shares of ScanSource from a "buy" rating to a "neutral" rating in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.00.

About ScanSource

ScanSource, Inc is a technology distributor that connects manufacturers of hardware, software and cloud services with value-added resellers, systems integrators and other technology providers. The company supports partners with product distribution, technical expertise, training, financing and other services designed to help them deliver technology solutions to business and government customers.

ScanSource's offerings include point-of-sale systems, barcode scanners, mobile computing devices, data-capture products, networking equipment and physical security technology.

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