Bank of America Corp DE Sells 21,250 Shares of ScanSource, Inc. (SCSC)
Bank of America Corp DE lessened its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 11.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 165,040 shares of the industrial products company’s stock after selling 21,250 shares during the period. Bank of America Corp DE owned about 0.64% of ScanSource worth $5,674,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in shares of ScanSource by 32.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,270 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 313 shares during the period. Victory Capital Management Inc. raised its stake in ScanSource by 1.0% during the 4th quarter. Victory Capital Management Inc. now owns 39,031 shares of the industrial products company’s stock worth $1,342,000 after acquiring an additional 404 shares during the period. Texas Permanent School Fund raised its stake in ScanSource by 4.1% during the 4th quarter. Texas Permanent School Fund now owns 16,758 shares of the industrial products company’s stock worth $576,000 after acquiring an additional 654 shares during the period. Nordea Investment Management AB raised its stake in ScanSource by 0.4% during the 3rd quarter. Nordea Investment Management AB now owns 257,489 shares of the industrial products company’s stock worth $10,272,000 after acquiring an additional 1,049 shares during the period. Finally, Quantamental Technologies LLC bought a new stake in ScanSource during the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 97.41% of the company’s stock.
A number of equities research analysts have commented on SCSC shares. Zacks Investment Research upgraded shares of ScanSource from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Saturday, February 9th. BidaskClub upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th.
ScanSource (NASDAQ:SCSC) last released its earnings results on Tuesday, February 5th. The industrial products company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. ScanSource had a net margin of 1.42% and a return on equity of 9.73%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter last year, the business earned $0.90 EPS. The firm’s revenue was up 1.3% compared to the same quarter last year. As a group, analysts expect that ScanSource, Inc. will post 3.58 earnings per share for the current year.
In other ScanSource news, CEO Michael L. Baur sold 10,604 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $37.38, for a total transaction of $396,377.52. Following the sale, the chief executive officer now owns 47,678 shares in the company, valued at approximately $1,782,203.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.56% of the stock is currently owned by company insiders.
ScanSource Company Profile
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).
Further Reading: Hedge Funds Explained
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