ScanSource (NASDAQ:SCSC) Shares Gap Down After Earnings Miss

Shares of ScanSource, Inc. (NASDAQ:SCSC) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $44.03, but opened at $39.66. ScanSource shares last traded at $45.01, with a volume of 33,379 shares trading hands.

The industrial products company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.15). ScanSource had a return on equity of 9.18% and a net margin of 2.45%. The company had revenue of $752.60 million during the quarter, compared to analyst estimates of $822.10 million. During the same quarter in the prior year, the company posted $0.96 earnings per share. The business’s revenue was down 15.0% compared to the same quarter last year.

Institutional Investors Weigh In On ScanSource

A number of institutional investors have recently modified their holdings of the company. Campbell & CO Investment Adviser LLC lifted its position in shares of ScanSource by 0.9% during the fourth 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. Texas Permanent School Fund Corp boosted its position in ScanSource by 2.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 22,029 shares of the industrial products company’s stock valued at $970,000 after buying an additional 461 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of ScanSource by 5.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,361 shares of the industrial products company’s stock worth $450,000 after acquiring an additional 538 shares in the last quarter. Swiss National Bank increased its position in shares of ScanSource by 1.2% during the first quarter. Swiss National Bank now owns 49,600 shares of the industrial products company’s stock worth $2,184,000 after acquiring an additional 600 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ScanSource by 23.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,473 shares of the industrial products company’s stock valued at $166,000 after acquiring an additional 1,034 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

ScanSource Stock Performance

The stock has a market capitalization of $1.19 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 1.26 and a beta of 1.51. The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.17. The stock has a fifty day moving average of $42.64 and a 200-day moving average of $38.82.

ScanSource Company Profile

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.