ScanSource, Inc. (NASDAQ:SCSC) Short Interest Up 21.9% in March

ScanSource, Inc. (NASDAQ:SCSC) was the target of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 760,995 shares, a growth of 21.9% from the February 26th total of 624,486 shares. Approximately 3.7% of the shares of the company are short sold. Based on an average trading volume of 191,773 shares, the days-to-cover ratio is presently 4.0 days.

Wall Street Analyst Weigh In

Several brokerages have commented on SCSC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ScanSource in a research report on Monday, December 29th. Wall Street Zen downgraded shares of ScanSource from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Zacks Research lowered shares of ScanSource from a “hold” rating to a “strong sell” rating in a research note on Monday, February 9th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $42.50.

ScanSource Trading Up 1.2%

NASDAQ:SCSC opened at $36.30 on Wednesday. The company has a market cap of $779.72 million, a P/E ratio of 11.14, a P/E/G ratio of 0.61 and a beta of 1.29. The stock’s fifty day moving average price is $37.63 and its two-hundred day moving average price is $40.16. ScanSource has a 1 year low of $28.75 and a 1 year high of $46.25. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.96 and a quick ratio of 1.22.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, February 5th. The industrial products company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.20). ScanSource had a net margin of 2.44% and a return on equity of 9.35%. The company had revenue of $766.51 million during the quarter, compared to analysts’ expectations of $782.46 million. During the same quarter last year, the firm posted $0.85 earnings per share. ScanSource’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, analysts expect that ScanSource will post 3.33 EPS for the current year.

Insider Buying and Selling at ScanSource

In other ScanSource news, Director Charles Alexander Mathis acquired 6,000 shares of ScanSource stock in a transaction on Wednesday, February 11th. The stock was purchased at an average price of $35.20 per share, for a total transaction of $211,200.00. Following the purchase, the director directly owned 24,793 shares of the company’s stock, valued at $872,713.60. This trade represents a 31.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael L. Baur sold 21,173 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $35.76, for a total value of $757,146.48. Following the sale, the chief executive officer directly owned 161,339 shares of the company’s stock, valued at approximately $5,769,482.64. This represents a 11.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SCSC. Canada Pension Plan Investment Board purchased a new stake in shares of ScanSource in the second quarter worth about $25,000. CWM LLC grew its stake in ScanSource by 159.6% during the third quarter. CWM LLC now owns 1,874 shares of the industrial products company’s stock valued at $82,000 after acquiring an additional 1,152 shares in the last quarter. Royal Bank of Canada increased its holdings in ScanSource by 165.0% during the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after acquiring an additional 1,168 shares during the period. Osaic Holdings Inc. increased its holdings in ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after acquiring an additional 1,670 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in ScanSource by 672.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 4,032 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About ScanSource

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.