Charles Schwab Investment Management Inc. Sells 108,337 Shares of ScanSource, Inc. (NASDAQ:SCSC)

Charles Schwab Investment Management Inc. cut its holdings in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 20.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 424,434 shares of the industrial products company's stock after selling 108,337 shares during the period. Charles Schwab Investment Management Inc. owned about 1.77% of ScanSource worth $20,386,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Pacer Advisors Inc. increased its stake in shares of ScanSource by 18.3% in the third quarter. Pacer Advisors Inc. now owns 2,744,702 shares of the industrial products company's stock valued at $131,828,000 after buying an additional 425,233 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in ScanSource by 2.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,983,625 shares of the industrial products company's stock valued at $87,894,000 after buying an additional 39,533 shares during the last quarter. American Century Companies Inc. increased its stake in shares of ScanSource by 75.5% in the 2nd quarter. American Century Companies Inc. now owns 521,127 shares of the industrial products company's stock valued at $23,091,000 after buying an additional 224,160 shares during the period. Bank of New York Mellon Corp raised its position in shares of ScanSource by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 208,727 shares of the industrial products company's stock worth $9,249,000 after acquiring an additional 3,167 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in ScanSource by 2,640.7% in the second quarter. Millennium Management LLC now owns 136,266 shares of the industrial products company's stock valued at $6,038,000 after acquiring an additional 131,294 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

ScanSource Trading Up 1.6 %

SCSC traded up $0.81 during mid-day trading on Friday, hitting $52.24. The stock had a trading volume of 139,488 shares, compared to its average volume of 188,271. ScanSource, Inc. has a 1-year low of $31.01 and a 1-year high of $53.76. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 1.50 and a beta of 1.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.03 and a quick ratio of 1.27. The stock's fifty day simple moving average is $48.56 and its 200-day simple moving average is $47.54.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.07. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. The business had revenue of $775.58 million during the quarter, compared to analyst estimates of $774.90 million. During the same period in the previous year, the firm earned $0.74 EPS. ScanSource's quarterly revenue was down 11.5% compared to the same quarter last year. As a group, research analysts forecast that ScanSource, Inc. will post 3.51 EPS for the current fiscal year.

Insider Activity at ScanSource

In related news, CEO Michael L. Baur sold 29,617 shares of ScanSource stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 177,760 shares of the company's stock, valued at approximately $8,745,792. This trade represents a 14.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 53,010 shares of company stock valued at $2,611,843. 4.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Raymond James downgraded shares of ScanSource from an "outperform" rating to a "market perform" rating in a research note 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.