Principal Financial Group Inc. Cuts Stake in ScanSource, Inc. (NASDAQ:SCSC)

Principal Financial Group Inc. decreased its stake in ScanSource, Inc. (NASDAQ:SCSCFree Report) by 3.9% in the 3rd quarter, Holdings Channel reports. The firm owned 139,045 shares of the industrial products company’s stock after selling 5,708 shares during the quarter. Principal Financial Group Inc.’s holdings in ScanSource were worth $4,214,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Brandywine Global Investment Management LLC increased its holdings in ScanSource by 0.5% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 66,279 shares of the industrial products company’s stock valued at $1,959,000 after acquiring an additional 345 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of ScanSource by 5.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 8,039 shares of the industrial products company’s stock worth $238,000 after buying an additional 442 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of ScanSource by 2.0% during the first quarter. Yousif Capital Management LLC now owns 23,675 shares of the industrial products company’s stock worth $824,000 after buying an additional 455 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of ScanSource by 3.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,923 shares of the industrial products company’s stock worth $378,000 after buying an additional 456 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of ScanSource by 3.0% during the first quarter. American Century Companies Inc. now owns 19,108 shares of the industrial products company’s stock worth $582,000 after buying an additional 554 shares in the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.

Insider Buying and Selling at ScanSource

In other ScanSource news, CAO Brandy Ford sold 663 shares of ScanSource stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $38.86, for a total transaction of $25,764.18. Following the transaction, the chief accounting officer now directly owns 10,465 shares of the company’s stock, valued at $406,669.90. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Peter C. Browning sold 2,000 shares of the business’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $39.30, for a total transaction of $78,600.00. Following the transaction, the director now directly owns 37,749 shares of the company’s stock, valued at $1,483,535.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Brandy Ford sold 663 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $38.86, for a total transaction of $25,764.18. Following the transaction, the chief accounting officer now directly owns 10,465 shares in the company, valued at $406,669.90. The disclosure for this sale can be found here. Insiders have sold a total of 33,340 shares of company stock valued at $1,269,783 over the last ninety days. Corporate insiders own 4.56% of the company’s stock.

ScanSource Price Performance

SCSC opened at $37.47 on Thursday. The company’s 50 day simple moving average is $38.28 and its 200 day simple moving average is $33.44. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.21 and a current ratio of 2.15. ScanSource, Inc. has a 1 year low of $26.14 and a 1 year high of $40.48. The stock has a market capitalization of $941.25 million, a PE ratio of 11.71, a P/E/G ratio of 1.05 and a beta of 1.50.

ScanSource (NASDAQ:SCSCGet Free Report) last released its earnings results on Tuesday, February 6th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.14). ScanSource had a return on equity of 10.02% and a net margin of 2.18%. The company had revenue of $884.79 million during the quarter, compared to analyst estimates of $943.10 million. During the same period in the prior year, the business posted $1.06 earnings per share. ScanSource’s revenue was down 12.5% on a year-over-year basis. As a group, sell-side analysts expect that ScanSource, Inc. will post 3.7 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. StockNews.com downgraded shares of ScanSource from a “buy” rating to a “hold” rating in a report on Wednesday, December 20th. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a report on Tuesday, December 19th. Finally, Raymond James lowered their price target on shares of ScanSource from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, November 10th.

View Our Latest Stock Analysis on SCSC

ScanSource Company Profile

(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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Institutional Ownership by Quarter for ScanSource (NASDAQ:SCSC)

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