ScanSource (NASDAQ:SCSC) Shares Down 4.7% – Time to Sell?

Shares of ScanSource, Inc. (NASDAQ:SCSC) fell 4.7% during mid-day trading on Wednesday. The stock traded as low as $58.37 and last traded at $58.3750. Approximately 53,573 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 238,721 shares. The stock had previously closed at $61.25.

Analyst Ratings Changes

A number of research firms have weighed in on SCSC. Zacks Research cut ScanSource from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 20th. Barclays boosted their target price on ScanSource from $43.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Wall Street Zen raised ScanSource from a “buy” rating to a “strong-buy” rating in a report on Sunday. Finally, Weiss Ratings upgraded shares of ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, ScanSource has an average rating of “Hold” and an average price target of $51.00.

ScanSource Price Performance

The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 0.83 and a beta of 1.25. The company’s 50 day moving average is $58.30 and its 200 day moving average is $47.58. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.14 by $0.32. The business had revenue of $953.11 million for the quarter, compared to analyst estimates of $814.35 million. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 EPS. Research analysts forecast that ScanSource, Inc. will post 4.90 earnings per share for the current fiscal year.

Insider Transactions at ScanSource

In other news, CAO Brandy Ford sold 5,293 shares of the business’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $57.43, for a total transaction of $303,976.99. Following the completion of the sale, the chief accounting officer owned 9,907 shares in the company, valued at approximately $568,959.01. The trade was a 34.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Stephen Jones sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total value of $567,600.00. Following the sale, the chief financial officer owned 87,421 shares of the company’s stock, valued at $4,962,015.96. The trade was a 10.26% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 95,632 shares of company stock worth $5,484,582 in the last three months. 3.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ScanSource

Institutional investors have recently bought and sold shares of the business. Signaturefd LLC grew its stake in ScanSource by 128.1% during the 3rd quarter. Signaturefd LLC now owns 2,108 shares of the industrial products company’s stock valued at $124,000 after purchasing an additional 1,184 shares in the last quarter. Yousif Capital Management LLC raised its position in shares of ScanSource by 5.5% in the 3rd quarter. Yousif Capital Management LLC now owns 5,121 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 265 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of ScanSource by 64.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 6,285 shares of the industrial products company’s stock valued at $369,000 after purchasing an additional 2,462 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of ScanSource by 4.9% during the 3rd quarter. SummerHaven Investment Management LLC now owns 18,065 shares of the industrial products company’s stock valued at $1,061,000 after buying an additional 837 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of ScanSource during the 3rd quarter valued at approximately $857,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of business technology products with value-added resellers, systems integrators and other channel partners. The company provides products, services and expertise intended to help partners design, deploy and support technology solutions for business customers.

ScanSource’s offerings include point-of-sale and payment technology, barcode scanners, mobile computing devices, networking equipment, cybersecurity products, communications systems and cloud-based services.