Principal Financial Group Inc. Sells 21,277 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Principal Financial Group Inc. lowered its holdings in shares of ScanSource, Inc. (NASDAQ:SCSC) by 15.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 116,189 shares of the industrial products company’s stock after selling 21,277 shares during the period. Principal Financial Group Inc. owned about 0.48% of ScanSource worth $5,581,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC grew its position in ScanSource by 164.1% during the 2nd quarter. CWM LLC now owns 647 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 402 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of ScanSource in the second quarter worth $40,000. Quest Partners LLC bought a new stake in ScanSource during the 2nd quarter valued at $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 ScanSource in the 1st quarter worth $128,000. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at ScanSource

In related 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 owns 177,760 shares in the company, valued at approximately $8,745,792. This represents a 14.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.20% of the company’s stock.

ScanSource Price Performance

SCSC stock opened at $49.14 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.27 and a current ratio of 2.03. The firm has a 50 day moving average price of $47.60 and a 200-day moving average price of $47.23. ScanSource, Inc. has a 52-week low of $31.01 and a 52-week high of $53.76. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 1.39 and a beta of 1.42.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. ScanSource had a net margin of 2.49% and a return on equity of 8.53%. The company had revenue of $775.58 million for the quarter, compared to analysts’ expectations of $774.90 million. During the same quarter in the previous year, the business posted $0.74 EPS. ScanSource’s revenue was down 11.5% compared to the same quarter last year. Equities research analysts forecast that ScanSource, Inc. will post 3.51 EPS for the current fiscal year.

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.