Cornercap Investment Counsel Inc. Takes $524,000 Position in ScanSource, Inc. (NASDAQ:SCSC)

Cornercap Investment Counsel Inc. acquired a new position in ScanSource, Inc. (NASDAQ:SCSC) during the 2nd quarter, HoldingsChannel reports. The fund acquired 11,819 shares of the industrial products company’s stock, valued at approximately $524,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in ScanSource by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 3,479,683 shares of the industrial products company’s stock valued at $153,245,000 after purchasing an additional 40,264 shares during the period. Dimensional Fund Advisors LP increased its position in shares of ScanSource by 1.5% during 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 buying an additional 27,751 shares during the period. Pzena Investment Management LLC raised its stake in ScanSource by 4.9% during the fourth quarter. Pzena Investment Management LLC now owns 1,893,151 shares of the industrial products company’s stock worth $74,988,000 after buying an additional 89,103 shares during the last quarter. Wasatch Advisors LP lifted its holdings in ScanSource by 67.9% in the first quarter. Wasatch Advisors LP now owns 1,055,882 shares of the industrial products company’s stock valued at $46,501,000 after buying an additional 426,945 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in ScanSource by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 627,886 shares of the industrial products company’s stock valued at $24,871,000 after buying an additional 7,125 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

ScanSource Stock Performance

Shares of SCSC stock opened at $46.55 on Friday. The firm has a 50 day moving average of $47.65 and a 200-day moving average of $45.46. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.36 and a beta of 1.41. The company has a quick ratio of 1.33, a current ratio of 2.10 and a debt-to-equity ratio of 0.15. ScanSource, Inc. has a 52 week low of $27.86 and a 52 week high of $53.28.

ScanSource (NASDAQ:SCSC) last posted 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 return on equity of 8.32% and a net margin of 2.36%. The company had revenue of $746.11 million during the quarter, compared to analyst estimates of $838.60 million. During the same quarter in the previous year, the business posted $0.76 earnings per share. The company’s revenue for the quarter was down 21.2% compared to the same quarter last year. On average, equities analysts forecast that ScanSource, Inc. will post 3.24 earnings per share for the current year.

Insider Buying and Selling

In other ScanSource news, CEO Michael L. Baur sold 7,798 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $43.81, for a total value of $341,630.38. Following the completion of the sale, the chief executive officer now owns 118,080 shares of the company’s stock, valued at $5,173,084.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Michael L. Baur sold 7,798 shares of the stock in a transaction on Thursday, July 11th. The stock was 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael L. Baur sold 6,160 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $43.67, for a total transaction of $269,007.20. Following the sale, the chief executive officer now owns 118,080 shares of the company’s stock, valued at approximately $5,156,553.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,151 shares of company stock valued at $3,914,760. 4.56% of the stock is owned by company insiders.

ScanSource Company Profile

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.