ScanSource (NASDAQ:SCSC) Shares Gap Down After Earnings Miss

ScanSource, Inc. (NASDAQ:SCSC)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $44.03, but opened at $39.66. ScanSource shares last traded at $45.01, with a volume of 33,379 shares changing hands.

The industrial products company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.15). The company had revenue of $752.60 million during the quarter, compared to analysts’ expectations of $822.10 million. ScanSource had a net margin of 2.45% and a return on equity of 9.18%. ScanSource’s revenue was down 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share.

Institutional Investors Weigh In On ScanSource

A number of institutional investors have recently modified their holdings of SCSC. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ScanSource by 23.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,473 shares of the industrial products company’s stock valued at $166,000 after acquiring an additional 1,034 shares in the last quarter. Mackenzie Financial Corp increased its stake in ScanSource by 45.9% during the 3rd quarter. Mackenzie Financial Corp now owns 11,138 shares of the industrial products company’s stock worth $340,000 after buying an additional 3,506 shares during the period. Teacher Retirement System of Texas increased its stake in ScanSource by 65.5% during the 3rd quarter. Teacher Retirement System of Texas now owns 19,690 shares of the industrial products company’s stock worth $597,000 after buying an additional 7,796 shares during the period. Assenagon Asset Management S.A. boosted its position in ScanSource by 90.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 242,619 shares of the industrial products company’s stock valued at $7,354,000 after buying an additional 115,495 shares during the period. Finally, Illinois Municipal Retirement Fund acquired a new position in shares of ScanSource in the third quarter worth $455,000. 97.91% of the stock is owned by institutional investors and hedge funds.

ScanSource Stock Up 1.7 %

The firm has a market cap of $1.19 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 1.26 and a beta of 1.51. The business has a 50-day moving average price of $42.64 and a two-hundred day moving average price of $38.82. The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.17.

About ScanSource

ScanSource, Inc distributes technology products and solutions in the United States, Canada, and internationally. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.