Texas Permanent School Fund Corp Sells 3,190 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Texas Permanent School Fund Corp decreased its position in ScanSource, Inc. (NASDAQ:SCSC) by 14.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,839 shares of the industrial products company’s stock after selling 3,190 shares during the period. Texas Permanent School Fund Corp owned approximately 0.08% of ScanSource worth $835,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. CWM LLC lifted its stake in shares of ScanSource by 164.1% in the second quarter. CWM LLC now owns 647 shares of the industrial products company’s stock worth $29,000 after buying an additional 402 shares in the last quarter. nVerses Capital LLC purchased a new position in ScanSource in the 2nd quarter worth approximately $40,000. Quest Partners LLC bought a new position in ScanSource in the 2nd quarter valued at approximately $41,000. Innealta Capital LLC purchased a new stake in ScanSource during the 2nd quarter valued at $58,000. Finally, SG Americas Securities LLC bought a new stake in shares of ScanSource in the 1st quarter worth $128,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Stock Down 1.4 %

SCSC opened at $48.19 on Friday. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 1.46 and a beta of 1.41. The firm has a 50 day moving average price of $48.12 and a 200-day moving average price of $45.60. ScanSource, Inc. has a twelve month low of $27.86 and a twelve month high of $53.28. 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 (NASDAQ:SCSC) last announced its earnings results on Tuesday, August 27th. The industrial products company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). The company had revenue of $746.11 million for the quarter, compared to analysts’ expectations of $838.60 million. ScanSource had a net margin of 2.36% and a return on equity of 8.32%. ScanSource’s quarterly revenue was down 21.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.76 earnings per share. Equities research analysts forecast that ScanSource, Inc. will post 3.24 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Activity at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 34,203 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $42.49, for a total value of $1,453,285.47. Following the transaction, the chief executive officer now directly owns 118,080 shares of the company’s stock, valued at $5,017,219.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ScanSource news, CEO Michael L. Baur sold 34,203 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $42.49, for a total value of $1,453,285.47. Following the transaction, the chief executive officer now directly owns 118,080 shares in the company, valued at $5,017,219.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael L. Baur sold 7,798 shares of ScanSource stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $43.81, for a total transaction of $341,630.38. Following the transaction, the chief executive officer now owns 118,080 shares in the company, valued at approximately $5,173,084.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,151 shares of company stock worth $3,914,760. 4.56% of the stock is owned by insiders.

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.