Victory Capital Management Inc. Sells 1,346 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Victory Capital Management Inc. trimmed its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,253 shares of the industrial products company’s stock after selling 1,346 shares during the quarter. Victory Capital Management Inc. owned about 0.50% of ScanSource worth $4,022,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in ScanSource by 1.2% during the first quarter. Principal Financial Group Inc. now owns 117,804 shares of the industrial products company’s stock worth $4,007,000 after purchasing an additional 1,433 shares during the period. Moran Wealth Management LLC bought a new position in ScanSource during the first quarter worth $1,890,000. Advisor Resource Council bought a new position in ScanSource during the first quarter worth $396,000. RHS Financial LLC boosted its position in ScanSource by 13.1% during the first quarter. RHS Financial LLC now owns 6,765 shares of the industrial products company’s stock worth $230,000 after purchasing an additional 784 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in ScanSource by 33.7% during the first quarter. Exchange Traded Concepts LLC now owns 28,773 shares of the industrial products company’s stock worth $979,000 after purchasing an additional 7,254 shares during the period. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Rachel Hayden sold 6,738 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $41.27, for a total value of $278,077.26. Following the completion of the transaction, the executive vice president owned 13,174 shares of the company’s stock, valued at $543,690.98. The trade was a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.20% of the stock is currently owned by company insiders.

ScanSource Price Performance

SCSC stock opened at $41.05 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.07 and a quick ratio of 1.32. The stock has a market capitalization of $927.73 million, a price-to-earnings ratio of 14.82, a PEG ratio of 1.12 and a beta of 1.38. The business’s fifty day moving average price is $41.19 and its two-hundred day moving average price is $38.99. ScanSource, Inc. has a fifty-two week low of $28.75 and a fifty-two week high of $53.90.

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

Analysts Set New Price Targets

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

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.