JPMorgan Chase & Co. reduced its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 26.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,680 shares of the industrial products company’s stock after selling 23,924 shares during the period. JPMorgan Chase & Co. owned approximately 0.26% of ScanSource worth $2,647,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. increased its position in ScanSource by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,974 shares of the industrial products company’s stock worth $120,000 after buying an additional 446 shares during the period. SG Americas Securities LLC increased its position in ScanSource by 0.3% in the 1st quarter. SG Americas Securities LLC now owns 4,259 shares of the industrial products company’s stock worth $167,000 after buying an additional 14 shares during the period. State of Alaska Department of Revenue increased its position in ScanSource by 79.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,996 shares of the industrial products company’s stock worth $201,000 after buying an additional 2,206 shares during the period. CHICAGO TRUST Co NA bought a new position in ScanSource in the 2nd quarter worth approximately $218,000. Finally, Airain ltd bought a new position in ScanSource in the 2nd quarter worth approximately $235,000. 93.98% of the stock is currently owned by institutional investors.
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Several brokerages have commented on SCSC. Northcoast Research downgraded ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, October 2nd. Zacks Investment Research lowered ScanSource from a “buy” rating to a “hold” rating in a report on Tuesday, September 5th. BidaskClub lowered ScanSource from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Finally, ValuEngine raised ScanSource from a “hold” rating to a “buy” rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. ScanSource presently has a consensus rating of “Hold” and a consensus target price of $45.75.
ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Tuesday, August 29th. The industrial products company reported $0.68 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.68. The firm had revenue of $917.30 million for the quarter, compared to analyst estimates of $894.17 million. ScanSource had a return on equity of 8.76% and a net margin of 1.94%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS.
In related news, CEO Michael L. Baur sold 44,565 shares of the firm’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $44.16, for a total transaction of $1,967,990.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Patrick Reilly sold 5,000 shares of the firm’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $40.70, for a total value of $203,500.00. Following the sale, the director now directly owns 16,900 shares in the company, valued at approximately $687,830. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,397 shares of company stock worth $3,959,574. Company insiders own 3.03% of the company’s stock.
ScanSource, Inc is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services.
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