ScanSource (NASDAQ:SCSC) Shares Gap Down on Disappointing Earnings

Shares of ScanSource, Inc. (NASDAQ:SCSC) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. 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.

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

Hedge Funds Weigh In On ScanSource

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC bought a new position in shares of ScanSource in the fourth quarter valued at approximately $46,000. Gladius Capital Management LP bought a new position in ScanSource during the 3rd quarter valued at $36,000. SG Americas Securities LLC acquired a new position in shares of ScanSource during the 1st quarter valued at $128,000. ProShare Advisors LLC bought a new stake in shares of ScanSource in the 1st quarter worth $220,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 buying an additional 1,034 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Price Performance

The company has a 50 day moving average of $42.64 and a two-hundred day moving average of $38.82. The firm has a market cap of $1.19 billion, a P/E ratio of 13.61, a PEG 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.

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.