Principal Financial Group Inc. Acquires 1,433 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Principal Financial Group Inc. lifted its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 1.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,804 shares of the industrial products company’s stock after acquiring an additional 1,433 shares during the period. Principal Financial Group Inc. owned approximately 0.50% of ScanSource worth $4,007,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Moran Wealth Management LLC purchased a new stake in ScanSource in the 1st quarter worth approximately $1,890,000. Advisor Resource Council bought a new stake in ScanSource during the first quarter valued at about $396,000. RHS Financial LLC lifted its holdings in shares of ScanSource by 13.1% in the first quarter. RHS Financial LLC now owns 6,765 shares of the industrial products company’s stock worth $230,000 after buying an additional 784 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of ScanSource by 33.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 28,773 shares of the industrial products company’s stock worth $979,000 after buying an additional 7,254 shares during the last quarter. Finally, Ritholtz Wealth Management increased its stake in ScanSource by 33.4% in the first quarter. Ritholtz Wealth Management now owns 20,021 shares of the industrial products company’s stock worth $681,000 after purchasing an additional 5,008 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Stock Performance

Shares of SCSC opened at $41.02 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.32 and a debt-to-equity ratio of 0.14. The firm has a market cap of $927.05 million, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.10 and a beta of 1.38. ScanSource, Inc. has a 12-month low of $28.75 and a 12-month high of $53.90. The company’s 50 day simple moving average is $41.16 and its 200-day simple moving average is $39.39.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The business had revenue of $704.23 million during the quarter, compared to the consensus estimate of $809.17 million. During the same quarter last year, the firm posted $0.69 EPS. The business’s revenue was down 6.3% compared to the same quarter last year. As a group, equities analysts predict that ScanSource, Inc. will post 3.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SCSC shares. Northcoast Research raised ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Tuesday, May 6th. Wall Street Zen upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th.

Insider Activity

In other news, EVP Rachel Hayden sold 6,738 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the transaction, the executive vice president directly owned 13,174 shares of the company’s stock, valued at approximately $543,690.98. This represents a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.20% of the company’s stock.

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.