Principal Financial Group Inc. Sells 6,702 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Principal Financial Group Inc. lowered its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,466 shares of the industrial products company’s stock after selling 6,702 shares during the quarter. Principal Financial Group Inc. owned 0.56% of ScanSource worth $6,091,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SCSC. Charles Schwab Investment Management Inc. grew its holdings in ScanSource by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 627,886 shares of the industrial products company’s stock worth $24,871,000 after buying an additional 7,125 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in ScanSource by 63.0% during the fourth quarter. Teacher Retirement System of Texas now owns 32,100 shares of the industrial products company’s stock worth $1,271,000 after buying an additional 12,410 shares in the last quarter. Jump Financial LLC grew its holdings in ScanSource by 6.6% during the fourth quarter. Jump Financial LLC now owns 20,694 shares of the industrial products company’s stock worth $820,000 after buying an additional 1,276 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in ScanSource by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,934,258 shares of the industrial products company’s stock worth $76,616,000 after purchasing an additional 27,751 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in ScanSource in the fourth quarter worth $313,000. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

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

ScanSource Stock Down 2.7 %

SCSC stock opened at $45.23 on Tuesday. The stock’s fifty day simple moving average is $47.49 and its two-hundred day simple moving average is $45.40. The company has a current ratio of 2.10, a quick ratio of 1.33 and a debt-to-equity ratio of 0.15. ScanSource, Inc. has a 1-year low of $27.86 and a 1-year high of $53.28. The stock has a market cap of $1.09 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.44 and a beta of 1.41.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Tuesday, August 27th. The industrial products company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). ScanSource had a net margin of 2.36% and a return on equity of 8.32%. The firm had revenue of $746.11 million for the quarter, compared to analysts’ expectations of $838.60 million. During the same period in the prior year, the company earned $0.76 EPS. The firm’s quarterly revenue was down 21.2% on a year-over-year basis. Analysts expect that ScanSource, Inc. will post 3.24 EPS for the current year.

Insider Activity

In other news, CEO Michael L. Baur sold 24,093 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $43.40, for a total transaction of $1,045,636.20. Following the transaction, the chief executive officer now owns 118,080 shares of the company’s stock, valued at approximately $5,124,672. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Michael L. Baur sold 24,093 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $43.40, for a total transaction of $1,045,636.20. Following the transaction, the chief executive officer now owns 118,080 shares of the company’s stock, valued at approximately $5,124,672. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael L. Baur sold 7,798 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $43.81, for a total value of $341,630.38. Following the transaction, the chief executive officer now directly owns 118,080 shares in the company, valued at approximately $5,173,084.80. The disclosure for this sale can be found here. Insiders have sold 91,151 shares of company stock valued at $3,914,760 in the last 90 days. Insiders own 4.56% of the company’s stock.

About ScanSource

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.