ScanSource ( NASDAQ:SCSC ) narrows stock gap following weak earnings

ScanSource, Inc. stock price (NASDAQ:SCSC – Get Free Report ) fell before the market opened on Tuesday following a weaker-than-expected earnings announcement. The stock had previously closed at $48.91 but opened at $46.30. Shares of ScanSource last traded at $45.68, with a volume of 40,502 shares traded.

The industrial products company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). ScanSource had a net margin of 2.31% and a return on equity of 8.28%. The business had revenue of $746.11 million for the quarter, compared to analyst estimates of $838.60 million. In the same quarter last year, the company earned $0.76 per share. The company’s quarterly revenue was down 21.2% compared to the same quarter last year.

Analysts on Wall Street are forecasting an increase

Separately, Raymond James lowered shares of ScanSource from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 15th.

View the latest inventory report on ScanSource

Insiders place their bets

In other ScanSource news, CEO Michael L. Baur sold 9,053 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $47.76, for a total value of $432,371.28. Following the completion of the transaction, the chief executive officer now directly owns 118,080 shares in the company, valued at approximately $5,639,500.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In related news, CEO Michael L. Baur sold 7,798 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $43.81, for a total transaction of $341,630.38. Following the sale, the chief executive officer now directly owns 118,080 shares of the company’s stock, valued at approximately $5,173,084.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. Also, CEO Michael L. Baur sold 9,053 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $47.76, for a total transaction of $432,371.28. Following the completion of the transaction, the chief executive officer now owns 118,080 shares of the company’s stock, valued at $5,639,500.80. The disclosure for this sale can be found here. Insiders sold a total of 114,531 shares of company stock worth $5,025,745 over the last quarter. Insiders own 4.56% of the company’s shares.

Institutional inputs and outputs

Several institutional investors have recently added to or reduced their stakes in SCSC. CWM LLC boosted its holdings in ScanSource by 164.1% in the second quarter. CWM LLC now owns 647 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 402 shares in the last quarter. nVerses Capital LLC bought a new position in shares of ScanSource in the second quarter valued at $40,000. Quest Partners LLC purchased a new position in ScanSource in the second quarter valued at $41,000. GAMMA Investing LLC bought a new stake in ScanSource in the 4th quarter valued at $46,000. Finally, Inçalta Capital LLC purchased a new stake in ScanSource in the second quarter valued at $58,000. 97.91% of shares are currently owned by institutional investors.

ScanSource price performance

The firm has a market cap of $1.28 billion, a P/E ratio of 16.48, a P/E/G ratio of 1.44 and a beta of 1.44. The company’s fifty-day simple moving average is $46.73, and its 200-day simple moving average is $44.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.38, and a current ratio of 2.20.

ScanSource Company Profile

(Get a free report)

ScanSource, Inc distributes technology products and solutions in the United States, Canada and internationally. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment offers 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.

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