ScanSource, Inc. (SCSC) Position Reduced by New York State Common Retirement Fund
New York State Common Retirement Fund lowered its holdings in shares of ScanSource, Inc. (NASDAQ:SCSC) by 0.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,300 shares of the industrial products company’s stock after selling 1 shares during the period. New York State Common Retirement Fund owned approximately 0.11% of ScanSource worth $1,100,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake in ScanSource by 17.6% during the second quarter. Victory Capital Management Inc. now owns 2,974 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 446 shares during the period. SG Americas Securities LLC grew its stake in ScanSource by 0.3% during the first quarter. SG Americas Securities LLC now owns 4,259 shares of the industrial products company’s stock worth $167,000 after purchasing an additional 14 shares during the period. State of Alaska Department of Revenue grew its stake in ScanSource by 79.1% during the second quarter. State of Alaska Department of Revenue now owns 4,996 shares of the industrial products company’s stock worth $201,000 after purchasing an additional 2,206 shares during the period. CHICAGO TRUST Co NA acquired a new stake in ScanSource during the second quarter worth approximately $218,000. Finally, Airain ltd acquired a new stake in ScanSource during the second quarter worth approximately $235,000. 94.16% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently commented on the company. Zacks Investment Research cut ScanSource from a “buy” rating to a “hold” rating in a research note on Thursday. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, October 2nd. BidaskClub cut ScanSource from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Finally, ValuEngine raised ScanSource from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $45.75.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, August 29th. The industrial products company reported $0.68 EPS for the quarter, meeting analysts’ consensus estimates of $0.68. ScanSource had a return on equity of 8.76% and a net margin of 1.94%. The business had revenue of $917.30 million during the quarter, compared to analyst estimates of $894.17 million. During the same quarter in the prior year, the company posted $0.51 EPS. ScanSource’s quarterly revenue was up 4.5% compared to the same quarter last year.
In other ScanSource news, CEO Michael L. Baur sold 44,565 shares of the company’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $44.16, for a total transaction of $1,967,990.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael L. Baur sold 17,621 shares of the company’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $44.32, for a total value of $780,962.72. Following the transaction, the chief executive officer now owns 35,209 shares in the company, valued at approximately $1,560,462.88. The disclosure for this sale can be found here. Insiders have sold a total of 90,397 shares of company stock worth $3,959,574 in the last quarter. Company insiders own 2.35% of the company’s stock.
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ScanSource Company Profile
ScanSource, Inc is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services.
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