ScanSource (NASDAQ:SCSC) released its earnings results on Tuesday. The industrial products company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01, RTT News reports. The business had revenue of $972.90 million during the quarter, compared to the consensus estimate of $976.97 million. ScanSource had a return on equity of 9.23% and a net margin of 0.86%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.76 earnings per share. ScanSource updated its Q1 2019 guidance to $0.92-0.98 EPS and its Q2 guidance to $0.92-0.98 EPS.
SCSC traded down $0.20 during mid-day trading on Wednesday, hitting $41.43. 53,066 shares of the stock were exchanged, compared to its average volume of 107,941. The company has a current ratio of 1.92, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 13.32 and a beta of 0.72. ScanSource has a 1-year low of $31.40 and a 1-year high of $44.27.
In related news, CEO Michael L. Baur sold 13,747 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $44.00, for a total transaction of $604,868.00. Following the transaction, the chief executive officer now owns 49,446 shares in the company, valued at approximately $2,175,624. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gerald Lyons sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $44.00, for a total value of $26,400.00. Following the transaction, the chief financial officer now owns 12,937 shares in the company, valued at approximately $569,228. The disclosure for this sale can be found here. 2.56% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of SCSC. JPMorgan Chase & Co. raised its holdings in ScanSource by 5.6% during the first quarter. JPMorgan Chase & Co. now owns 68,071 shares of the industrial products company’s stock worth $2,420,000 after purchasing an additional 3,638 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of ScanSource by 2.4% during the first quarter. Principal Financial Group Inc. now owns 195,996 shares of the industrial products company’s stock worth $6,968,000 after purchasing an additional 4,504 shares in the last quarter. Xact Kapitalforvaltning AB acquired a new position in shares of ScanSource during the second quarter worth about $242,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of ScanSource during the second quarter worth about $367,000. Finally, Foundry Partners LLC lifted its stake in shares of ScanSource by 9.7% during the second quarter. Foundry Partners LLC now owns 130,548 shares of the industrial products company’s stock worth $5,261,000 after purchasing an additional 11,507 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.
Several research firms have issued reports on SCSC. BidaskClub lowered ScanSource from a “buy” rating to a “hold” rating in a research note on Tuesday, August 28th. Zacks Investment Research downgraded ScanSource from a “buy” rating to a “hold” rating in a report on Friday, August 31st. Raymond James boosted their price target on ScanSource from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, August 29th. Finally, ValuEngine downgraded ScanSource from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. ScanSource currently has an average rating of “Buy” and an average price target of $46.00.
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ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).
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