Short Interest in ScanSource, Inc. (NASDAQ:SCSC) Increases By 22.4%

ScanSource, Inc. (NASDAQ:SCSCGet Free Report) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 335,200 shares, an increase of 22.4% from the August 15th total of 273,800 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 111,800 shares, the days-to-cover ratio is currently 3.0 days.

Insider Buying and Selling at ScanSource

In other ScanSource news, insider John Charles Eldh sold 2,500 shares of the company’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $29.64, for a total value of $74,100.00. Following the sale, the insider now directly owns 92,110 shares of the company’s stock, valued at $2,730,140.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ScanSource

A number of large investors have recently added to or reduced their stakes in the stock. Brandywine Global Investment Management LLC raised its position in ScanSource by 0.5% during the second quarter. Brandywine Global Investment Management LLC now owns 66,279 shares of the industrial products company’s stock worth $1,959,000 after acquiring an additional 345 shares during the period. Barclays PLC lifted its position in shares of ScanSource by 1.1% in the first quarter. Barclays PLC now owns 38,156 shares of the industrial products company’s stock valued at $1,162,000 after acquiring an additional 424 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of ScanSource by 5.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 8,039 shares of the industrial products company’s stock valued at $238,000 after acquiring an additional 442 shares in the last quarter. Yousif Capital Management LLC lifted its position in shares of ScanSource by 2.0% in the first quarter. Yousif Capital Management LLC now owns 23,675 shares of the industrial products company’s stock valued at $824,000 after acquiring an additional 455 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of ScanSource by 3.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,923 shares of the industrial products company’s stock valued at $378,000 after acquiring an additional 456 shares in the last quarter. 94.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SCSC has been the topic of a number of analyst reports. StockNews.com initiated coverage on shares of ScanSource in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Northcoast Research raised shares of ScanSource from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 23rd.

Check Out Our Latest Report on SCSC

ScanSource Price Performance

Shares of ScanSource stock traded up $0.31 on Friday, hitting $30.28. The company’s stock had a trading volume of 479,729 shares, compared to its average volume of 130,936. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 2.11. ScanSource has a 1 year low of $25.75 and a 1 year high of $35.50. The firm has a fifty day moving average price of $30.08 and a 200-day moving average price of $29.49. The company has a market capitalization of $752.28 million, a price-to-earnings ratio of 8.58, a price-to-earnings-growth ratio of 0.72 and a beta of 1.42.

ScanSource (NASDAQ:SCSCGet Free Report) last announced its quarterly earnings results on Tuesday, August 22nd. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.01. The firm had revenue of $947.10 million during the quarter, compared to analyst estimates of $875.20 million. ScanSource had a return on equity of 11.25% and a net margin of 2.37%. ScanSource’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. As a group, sell-side analysts anticipate that ScanSource will post 4.16 earnings per share for the current fiscal year.

ScanSource Company Profile

(Get Free Report)

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.

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