ScanSource, Inc. (NASDAQ:SCSC) was the recipient of a large drop in short interest during the month of November. As of November 29th, there was short interest totalling 300,600 shares, a drop of 28.9% from the November 14th total of 422,800 shares. Based on an average daily trading volume, of 127,500 shares, the short-interest ratio is currently 2.4 days. Approximately 1.2% of the shares of the company are sold short.
In related news, CFO Gerald Lyons sold 1,000 shares of ScanSource stock in a transaction on Friday, November 15th. The shares were sold at an average price of $35.05, for a total value of $35,050.00. Following the transaction, the chief financial officer now directly owns 16,868 shares in the company, valued at approximately $591,223.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.56% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Inc. raised its stake in shares of ScanSource by 74.9% during the 2nd quarter. Advisor Group Inc. now owns 782 shares of the industrial products company’s stock worth $25,000 after buying an additional 335 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of ScanSource by 1,067.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,214 shares of the industrial products company’s stock worth $40,000 after buying an additional 1,110 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ScanSource by 51.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,923 shares of the industrial products company’s stock worth $59,000 after buying an additional 657 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of ScanSource during the 3rd quarter worth $62,000. Finally, Millennium Management LLC acquired a new position in shares of ScanSource during the 3rd quarter worth $238,000. 94.96% of the stock is owned by institutional investors.
ScanSource stock traded up $0.75 during midday trading on Thursday, reaching $38.06. The company’s stock had a trading volume of 3,496 shares, compared to its average volume of 144,754. ScanSource has a fifty-two week low of $26.84 and a fifty-two week high of $40.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.04 and a current ratio of 1.92. The stock’s 50 day simple moving average is $34.43 and its 200 day simple moving average is $31.79. The firm has a market capitalization of $931.56 million, a PE ratio of 11.32 and a beta of 0.98.
ScanSource (NASDAQ:SCSC) last released its earnings results on Tuesday, November 12th. The industrial products company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). ScanSource had a net margin of 1.40% and a return on equity of 9.03%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $957.93 million. During the same period last year, the business posted $0.89 EPS. ScanSource’s revenue was up 3.5% compared to the same quarter last year. Equities analysts predict that ScanSource will post 3.05 earnings per share for the current year.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research lowered shares of ScanSource from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. BidaskClub upgraded shares of ScanSource from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th. Raymond James reduced their target price on ScanSource from $44.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, August 21st. ValuEngine raised ScanSource from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, TheStreet raised ScanSource from a “c+” rating to a “b-” rating in a report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $37.00.
ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).
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