ScanSource, Inc. (NASDAQ:SCSC) Holdings Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of ScanSource, Inc. (NASDAQ:SCSC) by 5.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 144,168 shares of the industrial products company’s stock after purchasing an additional 7,864 shares during the period. Principal Financial Group Inc. owned 0.57% of ScanSource worth $6,349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wasatch Advisors LP grew its position in ScanSource by 67.9% during the 1st quarter. Wasatch Advisors LP now owns 1,055,882 shares of the industrial products company’s stock worth $46,501,000 after purchasing an additional 426,945 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in ScanSource by 2,564.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,514 shares of the industrial products company’s stock worth $331,000 after purchasing an additional 7,232 shares in the last quarter. Sollinda Capital Management LLC purchased a new position in ScanSource during the 4th quarter worth approximately $277,000. Campbell & CO Investment Adviser LLC grew its position in ScanSource by 0.9% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 44,389 shares of the industrial products company’s stock worth $1,758,000 after purchasing an additional 415 shares in the last quarter. Finally, Allianz Asset Management GmbH acquired a new stake in shares of ScanSource during the 4th quarter valued at $1,419,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Stock Down 3.0 %

Shares of NASDAQ:SCSC traded down $1.31 during trading on Friday, reaching $42.44. 53,924 shares of the company traded hands, compared to its average volume of 216,324. The firm has a fifty day simple moving average of $45.87 and a 200 day simple moving average of $42.57. The firm has a market cap of $1.05 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.29 and a beta of 1.44. ScanSource, Inc. has a 1-year low of $26.99 and a 1-year high of $50.95. The company has a quick ratio of 1.38, a current ratio of 2.20 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Tuesday, May 7th. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.15). The company had revenue of $752.60 million for the quarter, compared to analyst estimates of $822.10 million. ScanSource had a net margin of 2.31% and a return on equity of 8.28%. The company’s quarterly revenue was down 15.0% on a year-over-year basis. During the same period last year, the business earned $0.96 EPS. Analysts anticipate that ScanSource, Inc. will post 3.31 earnings per share for the current fiscal year.

Insider Buying and Selling at ScanSource

In other ScanSource news, Director Peter C. Browning sold 7,490 shares of ScanSource stock in a transaction on Friday, May 10th. The shares were sold at an average price of $46.44, for a total transaction of $347,835.60. Following the completion of the sale, the director now owns 22,759 shares of the company’s stock, valued at approximately $1,056,927.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Stephen Jones sold 8,500 shares of ScanSource stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $47.77, for a total value of $406,045.00. Following the completion of the sale, the chief financial officer now owns 53,352 shares of the company’s stock, valued at approximately $2,548,625.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Peter C. Browning sold 7,490 shares of ScanSource stock in a transaction on Friday, May 10th. The shares were sold at an average price of $46.44, for a total transaction of $347,835.60. Following the completion of the sale, the director now directly owns 22,759 shares of the company’s stock, valued at approximately $1,056,927.96. The disclosure for this sale can be found here. Insiders sold 63,376 shares of company stock valued at $2,879,830 in the last quarter. Company insiders own 4.56% of the company’s stock.

About ScanSource

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 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.