ScanSource, Inc. (NASDAQ:SCSC) was the target of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 326,200 shares, a decrease of 20.0% from the September 15th total of 407,900 shares. Based on an average trading volume of 103,900 shares, the days-to-cover ratio is currently 3.1 days. Approximately 1.3% of the company’s stock are sold short.
SCSC traded down $0.23 on Friday, hitting $21.61. 58,320 shares of the company traded hands, compared to its average volume of 122,313. ScanSource has a 12-month low of $13.78 and a 12-month high of $39.01. The company has a 50 day moving average of $20.54 and a 200-day moving average of $22.95. The company has a quick ratio of 1.04, a current ratio of 1.67 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $548.05 million, a PE ratio of -2.84 and a beta of 1.32.
ScanSource (NASDAQ:SCSC) last released its earnings results on Monday, August 31st. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.02). ScanSource had a negative net margin of 5.50% and a positive return on equity of 6.11%. The company had revenue of $636.50 million during the quarter, compared to analyst estimates of $635.80 million. During the same period in the previous year, the firm posted $0.71 EPS. The company’s revenue for the quarter was down 33.8% on a year-over-year basis. On average, research analysts anticipate that ScanSource will post 1.91 EPS for the current year.
A number of analysts have recently commented on the company. TheStreet cut ScanSource from a “c” rating to a “d+” rating in a research report on Monday, August 31st. ValuEngine lowered ScanSource from a “hold” rating to a “sell” rating in a research report on Thursday, October 1st. Raymond James reissued a “buy” rating and issued a $24.00 price objective on shares of ScanSource in a report on Tuesday, September 1st. Zacks Investment Research lowered shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, BidaskClub upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $25.00.
In related news, CEO Michael L. Baur sold 2,491 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $22.02, for a total value of $54,851.82. Following the transaction, the chief executive officer now directly owns 65,740 shares of the company’s stock, valued at approximately $1,447,594.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Grainger purchased 2,700 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were bought at an average price of $18.52 per share, for a total transaction of $50,004.00. Following the completion of the purchase, the director now directly owns 30,200 shares in the company, valued at $559,304. The disclosure for this purchase can be found here. Corporate insiders own 3.87% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. American International Group Inc. boosted its holdings in shares of ScanSource by 2.6% in the second quarter. American International Group Inc. now owns 17,896 shares of the industrial products company’s stock valued at $431,000 after acquiring an additional 458 shares in the last quarter. US Bancorp DE boosted its stake in shares of ScanSource by 250.5% in the second quarter. US Bancorp DE now owns 1,069 shares of the industrial products company’s stock valued at $26,000 after buying an additional 764 shares in the last quarter. Pacer Advisors Inc. grew its holdings in ScanSource by 8.6% during the second quarter. Pacer Advisors Inc. now owns 9,713 shares of the industrial products company’s stock worth $234,000 after acquiring an additional 772 shares during the period. Thrivent Financial for Lutherans raised its position in ScanSource by 0.9% in the first quarter. Thrivent Financial for Lutherans now owns 119,539 shares of the industrial products company’s stock worth $2,557,000 after acquiring an additional 1,057 shares in the last quarter. Finally, Advisor Group Holdings Inc. acquired a new stake in ScanSource in the first quarter valued at $25,000. Institutional investors own 95.36% of the company’s stock.
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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