Profit Investment Management LLC Trims Stock Position in ScanSource, Inc. (NASDAQ:SCSC)

Profit Investment Management LLC decreased its position in ScanSource, Inc. (NASDAQ:SCSC) by 36.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,577 shares of the industrial products company’s stock after selling 41,135 shares during the quarter. ScanSource accounts for 2.7% of Profit Investment Management LLC’s portfolio, making the stock its 5th biggest holding. Profit Investment Management LLC owned approximately 0.29% of ScanSource worth $3,390,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. CWM LLC grew its position in ScanSource by 164.1% in the 2nd quarter. CWM LLC now owns 647 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 402 shares during the last quarter. nVerses Capital LLC bought a new position in ScanSource in the 2nd quarter valued at $40,000. Quest Partners LLC bought a new position in ScanSource in the 2nd quarter valued at $41,000. Innealta Capital LLC bought a new position in ScanSource in the 2nd quarter valued at $58,000. Finally, SG Americas Securities LLC bought a new position in ScanSource in the 1st quarter valued at $128,000. Institutional investors own 97.91% of the company’s stock.

ScanSource Stock Up 1.2 %

ScanSource stock traded up $0.56 during midday trading on Friday, reaching $48.25. The company’s stock had a trading volume of 8,054 shares, compared to its average volume of 215,269. The stock’s 50-day simple moving average is $47.78 and its 200-day simple moving average is $46.05. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.10 and a quick ratio of 1.33. ScanSource, Inc. has a 52-week low of $27.86 and a 52-week high of $53.28. The stock has a market capitalization of $1.16 billion, a P/E ratio of 15.69, a PEG ratio of 1.49 and a beta of 1.41.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Tuesday, August 27th. The industrial products company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). The firm had revenue of $746.11 million during the quarter, compared to analyst estimates of $838.60 million. ScanSource had a net margin of 2.36% and a return on equity of 8.32%. The firm’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. On average, sell-side analysts expect that ScanSource, Inc. will post 3.24 EPS for the current year.

Wall Street Analyst Weigh In

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

About ScanSource

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.