ScanSource (NASDAQ:SCSC) Shares Gap Down on Disappointing Earnings

ScanSource, Inc. (NASDAQ:SCSC)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. 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 EPS for the quarter, missing the consensus estimate 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 period last year, the company posted $0.85 earnings per share.

Insider Transactions at ScanSource

In other news, CEO Michael L. Baur sold 29,617 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $49.20, for a total transaction of $1,457,156.40. Following the completion of the sale, the chief executive officer now directly owns 177,760 shares in the company, valued at approximately $8,745,792. This represents a 14.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Brandy Ford sold 1,845 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $49.38, for a total value of $91,106.10. Following the sale, the chief accounting officer now directly owns 9,506 shares in the company, valued at approximately $469,406.28. This trade represents a 16.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,855 shares of company stock valued at $2,702,949. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of ScanSource

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC raised its holdings in shares of ScanSource by 1.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 20,387 shares of the industrial products company’s stock worth $979,000 after buying an additional 220 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of ScanSource by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,440 shares of the industrial products company’s stock valued at $418,000 after purchasing an additional 308 shares during the last quarter. Martingale Asset Management L P increased its position in ScanSource by 0.6% during the 3rd quarter. Martingale Asset Management L P now owns 58,169 shares of the industrial products company’s stock worth $2,794,000 after purchasing an additional 340 shares in the last quarter. Quest Partners LLC lifted its stake in ScanSource by 42.6% in the 3rd quarter. Quest Partners LLC now owns 1,323 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 395 shares during the last quarter. Finally, KBC Group NV boosted its position in ScanSource by 59.9% in the third 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 in the last quarter. Institutional investors own 97.91% of the company’s stock.

ScanSource Trading Down 8.6 %

The business’s 50 day simple moving average is $50.02 and its two-hundred day simple moving average is $48.64. The stock has a market cap of $1.09 billion, a P/E ratio of 14.70, a PEG ratio of 1.46 and a beta of 1.45. The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.15.

ScanSource Company Profile

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.