New York State Teachers Retirement System Trims Position in ScanSource, Inc. $SCSC

New York State Teachers Retirement System decreased its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 56.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,392 shares of the industrial products company’s stock after selling 21,012 shares during the quarter. New York State Teachers Retirement System’s holdings in ScanSource were worth $595,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of ScanSource by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after acquiring an additional 78,993 shares during the period. Wasatch Advisors LP grew its stake in ScanSource by 34.9% in the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock worth $50,130,000 after purchasing an additional 294,624 shares in the last quarter. Pzena Investment Management LLC grew its stake in ScanSource by 0.6% in the first quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company’s stock worth $33,151,000 after purchasing an additional 5,783 shares in the last quarter. LSV Asset Management increased its holdings in ScanSource by 40.6% during the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock worth $33,118,000 after purchasing an additional 244,903 shares during the period. Finally, Geode Capital Management LLC increased its holdings in ScanSource by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 562,109 shares of the industrial products company’s stock worth $21,960,000 after purchasing an additional 13,318 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SCSC shares. Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Zacks Research raised ScanSource from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Finally, Wall Street Zen upgraded ScanSource from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $43.00.

ScanSource Price Performance

Shares of SCSC opened at $53.86 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. The company has a 50 day moving average price of $47.58 and a 200-day moving average price of $41.68. ScanSource, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $54.33. The stock has a market capitalization of $1.09 billion, a PE ratio of 16.32, a PEG ratio of 0.82 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $758.59 million for the quarter, compared to analyst estimates of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. ScanSource’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $0.86 earnings per share. Equities analysts predict that ScanSource, Inc. will post 3.9 earnings per share for the current fiscal year.

About ScanSource

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.