ScanSource (NASDAQ:SCSC) Shares Gap Down After Earnings Miss

ScanSource, Inc. (NASDAQ:SCSC)’s stock price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $49.99, but opened at $47.83. ScanSource shares last traded at $45.16, with a volume of 22,913 shares trading hands.

The industrial products company reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.04). ScanSource had a net margin of 2.49% and a return on equity of 8.53%. During the same quarter last year, the firm posted $0.85 EPS.

Insider Activity

In other news, CAO Brandy Ford sold 1,845 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $49.38, for a total value of $91,106.10. Following the transaction, the chief accounting officer now directly owns 9,506 shares of the company’s stock, valued at $469,406.28. This represents a 16.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael L. Baur sold 8,312 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $48.98, for a total transaction of $407,121.76. Following the sale, the chief executive officer now owns 177,760 shares of the company’s stock, valued at $8,706,684.80. This trade represents a 4.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,855 shares of company stock worth $2,702,949 in the last quarter. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ScanSource

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Gladius Capital Management LP acquired a new position in ScanSource during the third quarter worth about $30,000. Point72 DIFC Ltd acquired a new stake in ScanSource during the 3rd quarter valued at approximately $35,000. KBC Group NV lifted its position in shares of ScanSource by 59.9% in the 3rd quarter. KBC Group NV now owns 1,182 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 443 shares during the period. Quest Partners LLC boosted its position in ScanSource by 42.6% during the third quarter. Quest Partners LLC now owns 1,323 shares of the industrial products company’s stock valued at $64,000 after acquiring an additional 395 shares during the last quarter. Finally, Systematic Financial Management LP acquired a new stake in ScanSource during the third quarter worth approximately $205,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

ScanSource Trading Down 1.7 %

The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.15. The firm’s 50 day simple moving average is $49.69 and its two-hundred day simple moving average is $48.57. The stock has a market capitalization of $996.87 million, a P/E ratio of 13.41, a P/E/G ratio of 1.42 and a beta of 1.45.

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.