Cornercap Investment Counsel Inc. Decreases Stock Holdings in ScanSource, Inc. (NASDAQ:SCSC)

Cornercap Investment Counsel Inc. trimmed its position in shares of ScanSource, Inc. (NASDAQ:SCSC) by 52.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,668 shares of the industrial products company’s stock after selling 6,151 shares during the period. Cornercap Investment Counsel Inc.’s holdings in ScanSource were worth $272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. KBC Group NV raised its holdings in ScanSource by 59.9% during the 3rd quarter. KBC Group NV now owns 1,182 shares of the industrial products company’s stock valued at $57,000 after buying an additional 443 shares during the period. Olympiad Research LP purchased a new stake in ScanSource during the 3rd quarter valued at $277,000. Robeco Institutional Asset Management B.V. raised its holdings in ScanSource by 90.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 13,035 shares of the industrial products company’s stock valued at $626,000 after buying an additional 6,194 shares during the period. Janney Montgomery Scott LLC purchased a new stake in ScanSource during the 3rd quarter valued at $1,674,000. Finally, Raymond James & Associates raised its holdings in ScanSource by 5.1% during the 3rd quarter. Raymond James & Associates now owns 99,963 shares of the industrial products company’s stock valued at $4,801,000 after buying an additional 4,877 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Stock Performance

SCSC stock opened at $48.89 on Monday. 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 business’s fifty day simple moving average is $47.33 and its two-hundred day simple moving average is $47.12. ScanSource, Inc. has a twelve month low of $31.01 and a twelve month high of $53.76. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 1.39 and a beta of 1.42.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, November 7th. The industrial products company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. The business had revenue of $775.58 million for the quarter, compared to analyst estimates of $774.90 million. During the same quarter last year, the firm posted $0.74 earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. Analysts predict that ScanSource, Inc. will post 3.51 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.