ScanSource, Inc. (NASDAQ:SCSC) Stake Lessened by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 92.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 49,371 shares of the industrial products company’s stock after selling 626,817 shares during the quarter. Victory Capital Management Inc.’s holdings in ScanSource were worth $2,371,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. grew its holdings in shares of ScanSource by 54.2% during the second quarter. Pacer Advisors Inc. now owns 2,319,469 shares of the industrial products company’s stock valued at $102,776,000 after purchasing an additional 815,240 shares during the last quarter. American Century Companies Inc. lifted its position in ScanSource by 75.5% in the 2nd quarter. American Century Companies Inc. now owns 521,127 shares of the industrial products company’s stock valued at $23,091,000 after purchasing an additional 224,160 shares during the last quarter. Millennium Management LLC boosted its stake in ScanSource by 2,640.7% during the 2nd quarter. Millennium Management LLC now owns 136,266 shares of the industrial products company’s stock valued at $6,038,000 after purchasing an additional 131,294 shares during the period. Vanguard Group Inc. grew its position in ScanSource by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,479,683 shares of the industrial products company’s stock worth $153,245,000 after purchasing an additional 40,264 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of ScanSource by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,983,625 shares of the industrial products company’s stock valued at $87,894,000 after purchasing an additional 39,533 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 29,617 shares of ScanSource stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $49.20, for a total transaction of $1,457,156.40. Following the completion of the transaction, the chief executive officer now directly owns 177,760 shares of the company’s stock, valued at approximately $8,745,792. This trade represents a 14.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 53,010 shares of company stock worth $2,611,843 over the last three months. Company insiders own 4.20% of the company’s stock.

ScanSource Trading Up 2.4 %

NASDAQ:SCSC opened at $51.10 on Monday. The stock’s 50-day moving average is $47.78 and its two-hundred day moving average is $47.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.03 and a quick ratio of 1.27. The stock has a market cap of $1.22 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.42 and a beta of 1.42. ScanSource, Inc. has a fifty-two week low of $31.01 and a fifty-two week high of $53.76.

ScanSource (NASDAQ:SCSC) last posted its earnings results on Thursday, November 7th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. ScanSource had a net margin of 2.49% and a return on equity of 8.53%. The firm had revenue of $775.58 million during the quarter, compared to analysts’ expectations of $774.90 million. During the same period in the previous year, the company earned $0.74 earnings per share. The company’s revenue was down 11.5% compared to the same quarter last year. As a group, equities research analysts forecast that ScanSource, Inc. will post 3.51 earnings per share for the current fiscal year.

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.