ScanSource (NASDAQ:SCSC) CFO Stephen Jones Sells 10,000 Shares

Key Points

• ScanSource CFO Stephen Jones sold 10,000 shares at an average price of $56.76, generating $567,600; the filing said the sale covered tax withholding tied to vested equity awards. He retained 87,421 shares.
• ScanSource shares rose 2.2% to $57.86, while the company’s latest quarterly results exceeded expectations: earnings per share came in at $1.46 versus a $1.14 estimate, and revenue increased 17.3% year over year to $953.11 million.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating despite an average $43 price target. Institutional investors own approximately 97.91% of the company’s stock.

ScanSource, Inc. (NASDAQ:SCSC - Get Free Report) CFO Stephen Jones sold 10,000 shares of ScanSource stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total transaction of $567,600.00. Following the sale, the chief financial officer owned 87,421 shares of the company's stock, valued at approximately $4,962,015.96. This trade represents a 10.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ScanSource Trading Up 2.2%

SCSC stock traded up $1.22 during midday trading on Thursday, hitting $57.86. The stock had a trading volume of 236,575 shares, compared to its average volume of 335,598. ScanSource, Inc. has a 12-month low of $33.76 and a 12-month high of $66.78. The firm has a market cap of $1.17 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 0.83 and a beta of 1.24. The company's 50-day moving average price is $54.41 and its 200 day moving average price is $45.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15.

ScanSource (NASDAQ:SCSC - Get Free Report) last released its 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. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The firm had revenue of $953.11 million for the quarter, compared to the consensus estimate of $814.35 million. During the same period in the prior year, the business posted $1.02 earnings per share. The firm's revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that ScanSource, Inc. will post 4.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wall Street Zen raised ScanSource from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 29th. Northcoast Research downgraded shares of ScanSource from a "buy" rating to a "neutral" rating in a report on Monday, August 17th. Zacks Research raised shares of ScanSource from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of ScanSource in a report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, ScanSource presently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Institutional Trading of ScanSource

Several hedge funds and other institutional investors have recently modified their holdings of SCSC. Amundi increased its position in ScanSource by 35.1% in the 1st quarter. Amundi now owns 26,464 shares of the industrial products company's stock worth $836,000 after purchasing an additional 6,880 shares during the last quarter. AQR Capital Management LLC raised its position in ScanSource by 3.8% during the first quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company's stock valued at $4,373,000 after acquiring an additional 4,693 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in ScanSource by 2.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company's stock valued at $471,000 after acquiring an additional 295 shares in the last quarter. Millennium Management LLC lifted its stake in ScanSource by 8.4% in the first quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company's stock valued at $8,836,000 after acquiring an additional 20,086 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in ScanSource by 35.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 61,513 shares of the industrial products company's stock worth $2,092,000 after acquiring an additional 16,044 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.

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