Truist Financial Corp Sells 209 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Truist Financial Corp decreased its holdings in shares of ScanSource, Inc. (NASDAQ:SCSC) by 2.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,237 shares of the industrial products company’s stock after selling 209 shares during the period. Truist Financial Corp’s holdings in ScanSource were worth $409,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SCSC. Allspring Global Investments Holdings LLC increased its stake in shares of ScanSource by 2,564.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,514 shares of the industrial products company’s stock valued at $331,000 after purchasing an additional 7,232 shares in the last quarter. Wasatch Advisors LP grew its holdings in shares of ScanSource by 67.9% during the first quarter. Wasatch Advisors LP now owns 1,055,882 shares of the industrial products company’s stock valued at $46,501,000 after buying an additional 426,945 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of ScanSource by 5.8% during the first quarter. Principal Financial Group Inc. now owns 144,168 shares of the industrial products company’s stock valued at $6,349,000 after buying an additional 7,864 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of ScanSource by 37.2% during the first quarter. BNP Paribas Financial Markets now owns 16,804 shares of the industrial products company’s stock valued at $740,000 after buying an additional 4,555 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in shares of ScanSource by 2.1% during the first quarter. Texas Permanent School Fund Corp now owns 22,029 shares of the industrial products company’s stock valued at $970,000 after buying an additional 461 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

ScanSource Trading Up 1.0 %

NASDAQ:SCSC opened at $49.72 on Friday. ScanSource, Inc. has a 52 week low of $27.86 and a 52 week 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. The company’s 50 day moving average price is $48.00 and its 200-day moving average price is $46.24. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 16.36, a PEG ratio of 1.50 and a beta of 1.41.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Tuesday, August 27th. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.13). ScanSource had a return on equity of 8.32% and a net margin of 2.36%. The company had revenue of $746.11 million during the quarter, compared to analysts’ expectations of $838.60 million. During the same quarter in the prior year, the business posted $0.76 EPS. The company’s revenue for the quarter was down 21.2% compared to the same quarter last year. On average, equities research analysts forecast that ScanSource, Inc. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.