Cornercap Investment Counsel Inc. has recently increased its position in ScanSource, Inc. by 28.5% during the first quarter of this year, as stated in their latest filing with the Securities and Exchange Commission (SEC). The investment firm now owns 34,277 shares of ScanSource’s stock, after purchasing an additional 7,598 shares within the given period. This equates to approximately 0.14% ownership of the industrial products company and is valued at around $1,043,000 as of the end of the most recent quarter.
ScanSource (NASDAQ: SCSC) has released its quarterly earnings data on August 22nd, providing insights into its financial performance. The company reported earnings per share (EPS) of $0.76 for the quarter, slightly surpassing the consensus estimate of $0.75 by $0.01. Meanwhile, its revenue for the same period amounted to $947.10 million compared to analysts’ expectations of $875.20 million.
It is worth noting that ScanSource experienced a decline in quarterly revenue by 1.6% compared to the previous year’s quarter. However, despite this decrease, the company still managed to showcase a net margin of 2.37% and a return on equity of 11.25%. In the same quarter last year, ScanSource posted an EPS of $0.91.
Industry research analysts are now predicting that ScanSource will achieve an EPS rate of 4.04 for this current fiscal year.
These findings provide a glimpse into ScanSource’s performance and its standing within the market at present. It indicates that although there was a slight decline in revenue from the previous year’s quarter, there are positive signs such as exceeding earning estimates and maintaining profitability metrics.
Investors and stakeholders may find this information useful when evaluating ScanSource’s investment potential and making informed decisions regarding their portfolios moving forward.
For more detailed information and a comprehensive analysis of ScanSource’s current state, interested parties are encouraged to refer to the latest report available.
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Institutional Investors Show Confidence in ScanSource’s Ownership Structure and Growth Potential
August 26, 2023 – ScanSource, Inc., a technology products and solutions provider, has recently seen significant modifications in its ownership structure. Large investors such as Acrisure Capital Management LLC and Hussman Strategic Advisors Inc. have acquired stakes in the company during the fourth quarter of the previous fiscal year and the first quarter of this year, respectively.
Acrisure Capital Management LLC purchased a new stake in ScanSource valued at approximately $213,000, while Hussman Strategic Advisors Inc. acquired a stake worth around $944,000 during the first quarter. These investments signify the confidence that these institutional investors have in ScanSource’s potential for growth and profitability.
Another notable investor, Panagora Asset Management Inc., raised its holdings in ScanSource by 6.6% during the fourth quarter. The firm now owns 83,823 shares of the company’s stock valued at $2,449,000 after acquiring an additional 5,176 shares. Similarly, Teacher Retirement System of Texas increased its holdings by 10.4% during the same period by purchasing an additional 3,143 shares.
Citigroup Inc., too, expressed its confidence in ScanSource by raising its holdings by 6.6% during the fourth quarter. The bank now owns 17,316 shares of ScanSource’s stock valued at $506,000 after acquiring an additional 1,073 shares.
These transactions highlight the strong interest and trust from institutional investors in ScanSource’s long-term prospects.
ScanSource traded up on Friday with a modest increase of $0.15 to reach $31.75 per share on NASDAQ. The trading volume reached 48,499 shares compared to its average daily volume of 109,455 shares.
The company’s stock has experienced fluctuations over the past year; it hit a low of $25.75 and a high of $35.50 within this period.
ScanSource boasts a debt-to-equity ratio of 0.36, indicating a healthy balance between debt and equity. Additionally, the company has a current ratio of 2.11 and a quick ratio of 1.11, which suggests that it possesses sufficient liquid assets to meet its short-term obligations.
With a market capitalization of $788.67 million, ScanSource operates with a price-to-earnings ratio (P/E) of 8.95 and a P/E/G ratio of 0.79, indicating that the stock may be undervalued compared to its growth potential. The company also exhibits a beta coefficient of 1.44, making it potentially more volatile than the broader market.
As of late August, ScanSource’s 50-day moving average price stands at $29.43, while its two-hundred-day moving average price is $29.51.
In another development, insider John Charles Eldh recently sold 2,500 shares of ScanSource stock on June 20th for an average price of $29.64 per share, resulting in total proceeds of $74,100. Following this sale, Eldh now holds approximately 92,110 shares valued at roughly $2,730,140.40.
In accordance with regulatory requirements, the transaction was disclosed in a document filed with the Securities & Exchange Commission (SEC).
ScanSource has received coverage from various brokerages recently. StockNews.com initiated coverage on ScanSource and assigned a “hold” rating to the stock on August 17th.
Additionally, Northcoast Research upgraded their rating for ScanSource from “neutral” to “buy” in one of their research reports published earlier.
These recent developments surrounding ScanSource highlight the interest shown by institutional investors and experts within the financial sector towards the technology products and solutions provider and its prospects for future growth and value creation.