ScanSource, Inc. (NASDAQ:SCSC) Position Trimmed by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 15.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,189 shares of the industrial products company's stock after selling 21,277 shares during the quarter. Principal Financial Group Inc. owned about 0.48% of ScanSource worth $5,581,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC raised its stake in shares of ScanSource by 164.1% during 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 stake in shares of ScanSource during the second quarter valued at about $40,000. Quest Partners LLC bought a new stake in shares of ScanSource during the second quarter valued at about $41,000. Innealta Capital LLC bought a new stake in shares of ScanSource during the second quarter valued at about $58,000. Finally, SG Americas Securities LLC bought a new stake in shares of ScanSource during the first quarter valued at about $128,000. 97.91% of the stock is currently owned by institutional investors.

ScanSource Price Performance

NASDAQ:SCSC opened at $49.14 on Thursday. The business's 50-day moving average price is $47.60 and its 200 day moving average price is $47.23. The firm has a market cap of $1.17 billion, a P/E ratio of 15.75, a PEG ratio of 1.40 and a beta of 1.42. ScanSource, Inc. has a 52-week low of $31.01 and a 52-week high of $53.76. The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.07. The firm had revenue of $775.58 million for the quarter, compared to analysts' expectations of $774.90 million. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. ScanSource's revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.74 EPS. As a group, sell-side analysts predict that ScanSource, Inc. will post 3.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ScanSource news, CEO Michael L. Baur sold 29,617 shares of ScanSource stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.20, for a total transaction of $1,457,156.40. Following the transaction, the chief executive officer now owns 177,760 shares of the company's stock, valued at $8,745,792. The trade was a 14.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Raymond James lowered ScanSource from an "outperform" rating to a "market perform" rating in a 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.