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

Principal Financial Group Inc. lessened its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 155,951 shares of the industrial products company’s stock after selling 1,833 shares during the quarter. Principal Financial Group Inc. owned 0.62% of ScanSource worth $4,747,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Barclays PLC lifted its stake in shares of ScanSource by 1.1% during the first quarter. Barclays PLC now owns 38,156 shares of the industrial products company’s stock worth $1,162,000 after purchasing an additional 424 shares in the last quarter. Yousif Capital Management LLC lifted its stake 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 purchasing an additional 455 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake 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 purchasing an additional 456 shares in the last quarter. Watershed Asset Management L.L.C. lifted its stake in shares of ScanSource by 6.0% during the first quarter. Watershed Asset Management L.L.C. now owns 9,450 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 535 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of ScanSource by 12.9% during the fourth quarter. Lazard Asset Management LLC now owns 5,225 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 599 shares in the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Northcoast Research upgraded ScanSource from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 23rd. StockNews.com began coverage on ScanSource in a research note on Thursday, August 17th. They issued a “hold” rating on the stock.

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 that occurred on Tuesday, June 20th. The stock was sold at an average price of $29.64, for a total transaction of $74,100.00. Following the sale, the insider now owns 92,110 shares in the company, valued at $2,730,140.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.63% of the stock is currently owned by insiders.

ScanSource Trading Up 1.3 %

NASDAQ:SCSC opened at $33.20 on Friday. 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, Inc. has a one year low of $25.75 and a one year high of $35.50. The business’s 50-day simple moving average is $29.71 and its 200 day simple moving average is $29.54. The stock has a market cap of $824.82 million, a price-to-earnings ratio of 9.41, a price-to-earnings-growth ratio of 0.77 and a beta of 1.44.

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

ScanSource Company Profile

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.