OppenheimerFunds Inc. cut its stake in ScanSource, Inc. (NASDAQ:SCSC) by 14.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,321 shares of the industrial products company’s stock after selling 9,859 shares during the period. OppenheimerFunds Inc. owned 0.23% of ScanSource worth $2,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in ScanSource by 12.8% in the second quarter. BlackRock Inc. now owns 4,127,282 shares of the industrial products company’s stock worth $166,329,000 after buying an additional 469,872 shares during the period. Dimensional Fund Advisors LP lifted its holdings in ScanSource by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,159,164 shares of the industrial products company’s stock worth $76,758,000 after buying an additional 13,713 shares during the period. Northern Trust Corp lifted its holdings in ScanSource by 0.6% in the first quarter. Northern Trust Corp now owns 757,293 shares of the industrial products company’s stock worth $26,921,000 after buying an additional 4,572 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in ScanSource by 12.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 376,540 shares of the industrial products company’s stock worth $15,175,000 after buying an additional 41,980 shares during the period. Finally, Summit Trail Advisors LLC lifted its holdings in ScanSource by 2,721.3% in the first quarter. Summit Trail Advisors LLC now owns 199,836 shares of the industrial products company’s stock worth $200,000 after buying an additional 192,753 shares during the period. Institutional investors and hedge funds own 93.96% of the company’s stock.

In other news, CEO Michael L. Baur sold 13,747 shares of ScanSource stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $44.00, for a total transaction of $604,868.00. Following the completion of the transaction, the chief executive officer now directly owns 49,446 shares in the company, valued at $2,175,624. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gerald Lyons sold 600 shares of ScanSource stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $44.00, for a total transaction of $26,400.00. Following the transaction, the chief financial officer now owns 12,937 shares of the company’s stock, valued at $569,228. The disclosure for this sale can be found here. 2.35% of the stock is currently owned by company insiders.

Several brokerages have commented on SCSC. BidaskClub lowered shares of ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, September 15th. Zacks Investment Research lowered shares of ScanSource from a “buy” rating to a “hold” rating in a report on Friday, August 31st. Finally, Raymond James lifted their target price on shares of ScanSource from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, August 29th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. ScanSource currently has a consensus rating of “Hold” and an average price target of $46.00.

SCSC stock opened at $40.25 on Monday. ScanSource, Inc. has a 52-week low of $31.40 and a 52-week high of $45.35. The company has a market cap of $1.03 billion, a PE ratio of 12.94 and a beta of 0.87. The company has a quick ratio of 1.08, a current ratio of 1.92 and a debt-to-equity ratio of 0.29.

ScanSource (NASDAQ:SCSC) last released its earnings results on Tuesday, August 28th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.77. ScanSource had a net margin of 0.86% and a return on equity of 9.23%. The firm had revenue of $993.90 million during the quarter, compared to analyst estimates of $974.20 million. During the same period last year, the business earned $0.68 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. sell-side analysts predict that ScanSource, Inc. will post 3.56 EPS for the current year.

ScanSource 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).

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Institutional Ownership by Quarter for ScanSource (NASDAQ:SCSC)

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