Cornercap Investment Counsel Inc. Sells 6,151 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Cornercap Investment Counsel Inc. decreased its position in shares of ScanSource, Inc. (NASDAQ:SCSC) by 52.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,668 shares of the industrial products company’s stock after selling 6,151 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in ScanSource were worth $272,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCSC. Pacer Advisors Inc. grew its position in shares of ScanSource by 54.2% during the 2nd quarter. Pacer Advisors Inc. now owns 2,319,469 shares of the industrial products company’s stock worth $102,776,000 after buying an additional 815,240 shares in the last quarter. American Century Companies Inc. grew its position in shares of ScanSource by 75.5% during the 2nd quarter. American Century Companies Inc. now owns 521,127 shares of the industrial products company’s stock worth $23,091,000 after buying an additional 224,160 shares in the last quarter. Millennium Management LLC grew its position in shares of ScanSource by 2,640.7% during the 2nd quarter. Millennium Management LLC now owns 136,266 shares of the industrial products company’s stock worth $6,038,000 after buying an additional 131,294 shares in the last quarter. Vanguard Group Inc. boosted its position in ScanSource by 1.2% during the first quarter. Vanguard Group Inc. now owns 3,479,683 shares of the industrial products company’s stock valued at $153,245,000 after purchasing an additional 40,264 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in ScanSource by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,983,625 shares of the industrial products company’s stock valued at $87,894,000 after purchasing an additional 39,533 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

ScanSource Price Performance

Shares of SCSC stock opened at $48.89 on Monday. ScanSource, Inc. has a 1-year low of $31.01 and a 1-year high of $53.76. The stock’s 50-day moving average is $47.33 and its 200 day moving average is $47.12. The company has a market cap of $1.16 billion, a P/E ratio of 15.67, a PEG ratio of 1.39 and a beta of 1.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.03 and a quick ratio of 1.27.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. The company had revenue of $775.58 million for the quarter, compared to the consensus estimate of $774.90 million. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. Research analysts predict that ScanSource, Inc. will post 3.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Raymond James downgraded ScanSource from an “outperform” rating to a “market perform” rating in a research 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.