Cornercap Investment Counsel Inc. Makes New Investment in ScanSource, Inc. (NASDAQ:SCSC)

Cornercap Investment Counsel Inc. bought a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,819 shares of the industrial products company’s stock, valued at approximately $524,000.

A number of other large investors also recently modified their holdings of the business. CWM LLC increased its stake in shares of ScanSource by 164.1% during the second quarter. CWM LLC now owns 647 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 402 shares during the period. nVerses Capital LLC bought a new position in ScanSource during the 2nd quarter worth $40,000. Quest Partners LLC acquired a new stake in shares of ScanSource during the second quarter worth $41,000. Innealta Capital LLC bought a new stake in shares of ScanSource in the second quarter valued at about $58,000. Finally, SG Americas Securities LLC acquired a new position in shares of ScanSource in the first quarter valued at about $128,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

ScanSource Price Performance

SCSC stock opened at $46.55 on Friday. The company’s 50-day moving average price is $47.65 and its two-hundred day moving average price is $45.46. The firm has a market cap of $1.12 billion, a P/E ratio of 14.78, a P/E/G 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 12 month low of $27.86 and a 12 month high of $53.28.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Tuesday, August 27th. The industrial products company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.13). The firm had revenue of $746.11 million for the quarter, compared to analyst estimates of $838.60 million. ScanSource had a net margin of 2.36% and a return on equity of 8.32%. The firm’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 earnings per share. On average, analysts anticipate that ScanSource, Inc. will post 3.24 earnings per share for the current fiscal year.

Insider Transactions at ScanSource

In related news, CEO Michael L. Baur sold 7,798 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $43.81, for a total value of $341,630.38. Following the completion of the transaction, the chief executive officer now owns 118,080 shares of the company’s stock, valued at approximately $5,173,084.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Michael L. Baur sold 7,798 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $43.81, for a total transaction of $341,630.38. Following the completion of the transaction, the chief executive officer now directly owns 118,080 shares in the company, valued at $5,173,084.80. 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 18,897 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $42.61, for a total value of $805,201.17. Following the completion of the transaction, the chief executive officer now owns 118,080 shares of the company’s stock, valued at $5,031,388.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,151 shares of company stock valued at $3,914,760. 4.56% of the stock is currently owned by 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.