ScanSource, Inc. (SCSC) Posts Earnings Results, Hits Expectations
ScanSource, Inc. (NASDAQ:SCSC) released its earnings results on Tuesday. The industrial products company reported $0.68 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.68, Bloomberg Earnings reports. ScanSource had a net margin of 1.79% and a return on equity of 8.41%. The firm had revenue of $917.30 million for the quarter, compared to analyst estimates of $894.17 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. ScanSource updated its Q1 guidance to $0.74-0.80 EPS.
Shares of ScanSource (NASDAQ:SCSC) opened at 37.95 on Thursday. The company’s 50 day moving average is $39.08 and its 200-day moving average is $39.50. ScanSource has a 1-year low of $29.05 and a 1-year high of $44.95. The stock has a market capitalization of $960.67 million, a price-to-earnings ratio of 15.40 and a beta of 1.16.
A number of analysts recently weighed in on the stock. BidaskClub lowered shares of ScanSource from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Zacks Investment Research upgraded shares of ScanSource from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th.
In related news, Director Steven R. Fischer sold 5,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $40.13, for a total transaction of $200,650.00. Following the completion of the transaction, the director now owns 25,867 shares of the company’s stock, valued at approximately $1,038,042.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael L. Baur sold 67,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $39.07, for a total value of $2,617,690.00. Following the transaction, the chief executive officer now directly owns 47,890 shares of the company’s stock, valued at approximately $1,871,062.30. The disclosure for this sale can be found here. Insiders have sold a total of 77,000 shares of company stock valued at $3,019,290 in the last three months. 3.03% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its position in ScanSource by 0.7% in the first quarter. State of Alaska Department of Revenue now owns 2,790 shares of the industrial products company’s stock valued at $109,000 after buying an additional 20 shares in the last quarter. Victory Capital Management Inc. boosted its position in ScanSource by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,974 shares of the industrial products company’s stock valued at $120,000 after buying an additional 446 shares in the last quarter. SG Americas Securities LLC boosted its position in ScanSource by 0.3% in the first quarter. SG Americas Securities LLC now owns 4,259 shares of the industrial products company’s stock valued at $167,000 after buying an additional 14 shares in the last quarter. CHICAGO TRUST Co NA acquired a new position in ScanSource during the second quarter valued at $218,000. Finally, Piedmont Investment Advisors LLC acquired a new position in ScanSource during the second quarter valued at $221,000. 94.11% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for ScanSource Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ScanSource Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.