ScanSource, Inc. (NASDAQ:SCSC) Short Interest Up 20.7% in March
by Amy Steele · The Cerbat GemScanSource, Inc. (NASDAQ:SCSC – Get Free Report) saw a large growth in short interest in March. As of March 31st, there was short interest totaling 918,267 shares, a growth of 20.7% from the March 15th total of 760,995 shares. Currently, 4.4% of the shares of the company are sold short. Based on an average daily trading volume, of 234,435 shares, the days-to-cover ratio is presently 3.9 days.
Insider Buying and Selling
In related news, CEO Michael L. Baur sold 3,827 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $35.89, for a total transaction of $137,351.03. Following the sale, the chief executive officer directly owned 157,512 shares in the company, valued at approximately $5,653,105.68. This represents a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles Alexander Mathis bought 6,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was purchased at an average price of $35.20 per share, for a total transaction of $211,200.00. Following the completion of the purchase, the director directly owned 24,793 shares in the company, valued at approximately $872,713.60. This represents a 31.93% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.18% of the company’s stock.
Hedge Funds Weigh In On ScanSource
A number of institutional investors have recently made changes to their positions in SCSC. Amundi increased its holdings in shares of ScanSource by 35.1% in the 1st quarter. Amundi now owns 26,464 shares of the industrial products company’s stock worth $836,000 after buying an additional 6,880 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of ScanSource by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock worth $4,373,000 after buying an additional 4,693 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of ScanSource by 2.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock worth $471,000 after buying an additional 295 shares during the last quarter. Millennium Management LLC increased its holdings in shares of ScanSource by 8.4% in the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock worth $8,836,000 after buying an additional 20,086 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of ScanSource by 35.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 61,513 shares of the industrial products company’s stock worth $2,092,000 after buying an additional 16,044 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.
Analyst Ratings Changes
Several research firms have issued reports on SCSC. Wall Street Zen cut shares of ScanSource from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Zacks Research upgraded shares of ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ScanSource in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $42.50.
Read Our Latest Report on ScanSource
ScanSource Stock Performance
NASDAQ SCSC opened at $39.55 on Friday. ScanSource has a 1 year low of $30.76 and a 1 year high of $46.25. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.96 and a quick ratio of 1.22. The stock has a market capitalization of $849.53 million, a PE ratio of 12.13, a P/E/G ratio of 0.65 and a beta of 1.25. The company’s 50 day simple moving average is $36.68 and its two-hundred day simple moving average is $39.64.
ScanSource (NASDAQ:SCSC – Get Free Report) last posted its earnings results on Thursday, February 5th. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.20). The firm had revenue of $766.51 million during the quarter, compared to analysts’ expectations of $782.46 million. ScanSource had a return on equity of 9.35% and a net margin of 2.44%.The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.85 earnings per share. Analysts predict that ScanSource will post 3.33 earnings per share for the current fiscal year.
About ScanSource
ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.
Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.