Texas Permanent School Fund Corp Sells 3,190 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Texas Permanent School Fund Corp reduced its position in ScanSource, Inc. (NASDAQ:SCSC) by 14.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,839 shares of the industrial products company’s stock after selling 3,190 shares during the quarter. Texas Permanent School Fund Corp’s holdings in ScanSource were worth $835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC lifted its stake in shares of ScanSource by 164.1% during the 2nd quarter. CWM LLC now owns 647 shares of the industrial products company’s stock valued at $29,000 after buying an additional 402 shares in the last quarter. nVerses Capital LLC bought a new stake in ScanSource during the second quarter valued at about $40,000. Quest Partners LLC bought a new stake in ScanSource during the second quarter valued at about $41,000. Innealta Capital LLC purchased a new position in shares of ScanSource in the second quarter valued at about $58,000. Finally, SG Americas Securities LLC bought a new position in shares of ScanSource in the first quarter worth about $128,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Price Performance

Shares of NASDAQ:SCSC opened at $48.19 on Friday. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 1.46 and a beta of 1.41. The firm has a fifty day moving average price of $48.12 and a 200 day moving average price of $45.60. ScanSource, Inc. has a fifty-two week low of $27.86 and a fifty-two week high of $53.28. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.33 and a current ratio of 2.10.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Tuesday, August 27th. The industrial products company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). The firm had revenue of $746.11 million for the quarter, compared to analysts’ expectations of $838.60 million. ScanSource had a net margin of 2.36% and a return on equity of 8.32%. The company’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 EPS. As a group, sell-side analysts expect that ScanSource, Inc. will post 3.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael L. Baur sold 34,203 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $42.49, for a total value of $1,453,285.47. Following the completion of the transaction, the chief executive officer now directly owns 118,080 shares of the company’s stock, valued at $5,017,219.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Michael L. Baur sold 34,203 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $42.49, for a total value of $1,453,285.47. Following the completion of the transaction, the chief executive officer now owns 118,080 shares of the company’s stock, valued at approximately $5,017,219.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael L. Baur sold 7,798 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $43.81, for a total value of $341,630.38. Following the sale, the chief executive officer now directly owns 118,080 shares in the company, valued at $5,173,084.80. The disclosure for this sale can be found here. Insiders have sold a total of 91,151 shares of company stock valued at $3,914,760 in the last quarter. 4.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Raymond James downgraded ScanSource from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 15th.

ScanSource Company Profile

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. 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.