Key Points
- ScanSource CFO Stephen Jones sold 10,000 shares for $567,600, reducing his stake by 10.26%. The sale was made to cover tax withholding tied to vested equity awards, leaving him with 87,421 shares.
- ScanSource reported strong quarterly results, with EPS of $1.46 versus the $1.14 consensus and revenue of $953.11 million, up 17.3% year over year.
- The stock opened at $57.86, while analyst sentiment was generally positive with a “Moderate Buy” consensus; however, the $43 average price target was below the market price.
ScanSource, Inc. (NASDAQ:SCSC - Get Free Report) CFO Stephen Jones sold 10,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total value of $567,600.00. Following the completion of the transaction, the chief financial officer owned 87,421 shares in the company, valued at $4,962,015.96. The trade was a 10.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
ScanSource Trading Up 2.2%
SCSC opened at $57.86 on Friday. ScanSource, Inc. has a twelve month low of $33.76 and a twelve month high of $66.78. The company has a 50-day simple moving average of $54.41 and a 200 day simple moving average of $45.73. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 0.83 and a beta of 1.24.
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, topping analysts' consensus estimates of $1.14 by $0.32. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. 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 company posted $1.02 earnings per share. The business's revenue for the quarter was up 17.3% on a year-over-year basis. Analysts predict that ScanSource, Inc. will post 4.56 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. Wall Street Zen raised shares of ScanSource from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of ScanSource in a report on Wednesday, August 26th. Zacks Research upgraded ScanSource from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Northcoast Research cut ScanSource from a "buy" rating to a "neutral" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.00.
Read Our Latest Research Report on SCSC
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in ScanSource in the 2nd quarter valued at approximately $200,140,000. Vanguard Group Inc. increased its position in ScanSource by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company's stock valued at $110,423,000 after acquiring an additional 78,993 shares during the period. California State Teachers Retirement System increased its position in ScanSource by 4,972.0% in the 2nd quarter. California State Teachers Retirement System now owns 1,338,036 shares of the industrial products company's stock valued at $69,698,000 after acquiring an additional 1,311,655 shares during the period. Wasatch Advisors LP raised its stake in shares of ScanSource by 34.9% during the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company's stock valued at $50,130,000 after acquiring an additional 294,624 shares during the last quarter. Finally, Pzena Investment Management LLC bought a new position in shares of ScanSource during the second quarter valued at $57,807,000. Institutional investors and hedge funds own 97.91% of the company's stock.
ScanSource Company Profile
(
Get Free Report)
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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