Amalgamated Bank Reduces Stake in ScanSource, Inc. (NASDAQ:SCSC)

Amalgamated Bank decreased its holdings in shares of ScanSource, Inc. (NASDAQ:SCSC) by 9.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,814 shares of the industrial products company’s stock after selling 734 shares during the quarter. Amalgamated Bank’s holdings in ScanSource were worth $327,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC acquired a new stake in shares of ScanSource during the first quarter worth about $1,651,000. Cornercap Investment Counsel Inc. purchased a new position in ScanSource during the 2nd quarter worth approximately $524,000. Pacer Advisors Inc. increased its position in ScanSource by 54.2% during the second quarter. Pacer Advisors Inc. now owns 2,319,469 shares of the industrial products company’s stock worth $102,776,000 after buying an additional 815,240 shares during the period. Janney Montgomery Scott LLC purchased a new stake in ScanSource in the third quarter valued at approximately $1,674,000. Finally, Vanguard Group Inc. boosted its holdings in shares of ScanSource by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,479,683 shares of the industrial products company’s stock valued at $153,245,000 after acquiring an additional 40,264 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

ScanSource Trading Down 1.1 %

NASDAQ SCSC opened at $48.89 on Monday. ScanSource, Inc. has a 52-week low of $31.01 and a 52-week high of $53.76. The firm has a 50-day moving average price of $47.33 and a 200 day moving average price of $47.12. The stock has a market capitalization of $1.16 billion, a P/E ratio of 15.67, a P/E/G ratio of 1.39 and a beta of 1.42. The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, November 7th. The industrial products company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. The company had revenue of $775.58 million during the quarter, compared to the consensus estimate of $774.90 million. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. ScanSource’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.74 earnings per share. Equities research analysts expect that ScanSource, Inc. will post 3.51 EPS for the current year.

ScanSource Profile

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.