ScanSource, Inc. (NASDAQ:SCSC) Shares Sold by Comerica Bank

Comerica Bank reduced its position in ScanSource, Inc. (NASDAQ:SCSC) by 5.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 7,579 shares of the industrial products company’s stock after selling 447 shares during the quarter. Comerica Bank’s holdings in ScanSource were worth $360,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of SCSC. Raymond James Financial Inc. acquired a new position in ScanSource in the 4th quarter valued at $5,687,000. American Century Companies Inc. increased its stake in ScanSource by 13.1% in the 4th quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company’s stock valued at $36,030,000 after buying an additional 87,721 shares during the period. Norges Bank acquired a new position in ScanSource in the 4th quarter valued at $4,137,000. First Trust Advisors LP acquired a new position in ScanSource in the 4th quarter valued at $3,454,000. Finally, Victory Capital Management Inc. increased its stake in ScanSource by 142.2% in the 4th quarter. Victory Capital Management Inc. now owns 119,599 shares of the industrial products company’s stock valued at $5,675,000 after buying an additional 70,228 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Stephen Jones sold 2,000 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $36.14, for a total value of $72,280.00. Following the sale, the chief financial officer now directly owns 69,816 shares in the company, valued at $2,523,150.24. The trade was a 2.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.20% of the company’s stock.

ScanSource Price Performance

Shares of NASDAQ SCSC opened at $40.79 on Friday. The firm has a market capitalization of $921.69 million, a P/E ratio of 16.12, a PEG ratio of 1.14 and a beta of 1.30. ScanSource, Inc. has a one year low of $28.75 and a one year high of $53.90. The company’s fifty day moving average is $34.44 and its two-hundred day moving average is $41.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.30 and a current ratio of 2.11.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Thursday, May 8th. The industrial products company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.77 by $0.09. The company had revenue of $704.23 million for the quarter, compared to analyst estimates of $809.17 million. ScanSource had a net margin of 2.08% and a return on equity of 8.55%. The business’s revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. Analysts forecast that ScanSource, Inc. will post 3.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SCSC shares. Northcoast Research raised shares of ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, May 6th. StockNews.com upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Monday, May 12th.

About ScanSource

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.