Pacer Advisors Inc. Sells 1,711,739 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Pacer Advisors Inc. trimmed its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 86.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 278,410 shares of the industrial products company’s stock after selling 1,711,739 shares during the period. Pacer Advisors Inc. owned about 1.19% of ScanSource worth $9,469,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Castlekeep Investment Advisors LLC purchased a new position in shares of ScanSource during the fourth quarter valued at approximately $78,694,000. Pzena Investment Management LLC raised its position in ScanSource by 132.8% in the 1st quarter. Pzena Investment Management LLC now owns 942,068 shares of the industrial products company’s stock valued at $32,040,000 after buying an additional 537,358 shares during the last quarter. Invesco Ltd. lifted its stake in ScanSource by 2.4% during the 4th quarter. Invesco Ltd. now owns 618,099 shares of the industrial products company’s stock valued at $29,329,000 after acquiring an additional 14,669 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in ScanSource by 15.6% during the 4th quarter. JPMorgan Chase & Co. now owns 436,007 shares of the industrial products company’s stock worth $20,689,000 after acquiring an additional 58,927 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of ScanSource by 1.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 366,156 shares of the industrial products company’s stock worth $17,374,000 after acquiring an additional 6,592 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ScanSource

In other news, EVP Rachel Hayden sold 6,738 shares of the business’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the transaction, the executive vice president directly owned 13,174 shares in the company, valued at $543,690.98. The trade was a 33.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 4.20% of the company’s stock.

ScanSource Stock Performance

Shares of SCSC stock opened at $41.05 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.32 and a current ratio of 2.07. The firm has a market cap of $927.73 million, a price-to-earnings ratio of 14.82, a P/E/G ratio of 1.12 and a beta of 1.38. ScanSource, Inc. has a 52 week low of $28.75 and a 52 week high of $53.90. The firm’s 50-day simple moving average is $41.19 and its two-hundred day simple moving average is $38.99.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The company had revenue of $704.23 million for the quarter, compared to analysts’ expectations of $809.17 million. During the same quarter in the previous year, the firm posted $0.69 EPS. ScanSource’s revenue was down 6.3% on a year-over-year basis. As a group, equities analysts forecast that ScanSource, Inc. will post 3.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on SCSC. Northcoast Research upgraded shares of ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Tuesday, May 6th. Wall Street Zen raised ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th.

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.