Summit Global Investments Purchases Shares of 13,726 ScanSource, Inc. $SCSC

Summit Global Investments acquired a new stake in ScanSource, Inc. (NASDAQ:SCSC) in the third quarter, HoldingsChannel reports. The fund acquired 13,726 shares of the industrial products company’s stock, valued at approximately $604,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Pzena Investment Management LLC grew its holdings in ScanSource by 3.6% during the second quarter. Pzena Investment Management LLC now owns 975,578 shares of the industrial products company’s stock worth $40,789,000 after purchasing an additional 33,510 shares during the period. American Century Companies Inc. lifted its position in shares of ScanSource by 4.4% in the second quarter. American Century Companies Inc. now owns 854,624 shares of the industrial products company’s stock valued at $35,732,000 after buying an additional 36,161 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of ScanSource by 0.6% during the 2nd quarter. Wasatch Advisors LP now owns 844,949 shares of the industrial products company’s stock worth $35,327,000 after acquiring an additional 4,798 shares during the period. LSV Asset Management increased its holdings in shares of ScanSource by 7.1% during the 2nd quarter. LSV Asset Management now owns 538,660 shares of the industrial products company’s stock worth $22,521,000 after acquiring an additional 35,475 shares during the last quarter. Finally, Millennium Management LLC raised its stake in ScanSource by 8.4% in the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock valued at $8,836,000 after acquiring an additional 20,086 shares during the period. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SCSC has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ScanSource in a research report on Monday, December 29th. Barclays assumed coverage on shares of ScanSource in a research note on Tuesday, October 7th. They set an “equal weight” rating and a $43.00 target price for the company. Zacks Research lowered shares of ScanSource from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Finally, Wall Street Zen downgraded shares of ScanSource from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, ScanSource has a consensus rating of “Hold” and an average price target of $42.50.

ScanSource Stock Performance

Shares of NASDAQ:SCSC opened at $42.99 on Friday. ScanSource, Inc. has a 12-month low of $28.75 and a 12-month high of $46.25. The company’s 50 day moving average price is $40.86 and its two-hundred day moving average price is $41.75. The firm has a market cap of $943.20 million, a PE ratio of 13.39, a PEG ratio of 0.69 and a beta of 1.29. The company has a quick ratio of 1.32, a current ratio of 2.16 and a debt-to-equity ratio of 0.14.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Thursday, November 6th. The industrial products company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.15. The company had revenue of $739.65 million during the quarter, compared to the consensus estimate of $787.37 million. ScanSource had a net margin of 2.48% and a return on equity of 9.72%. The firm’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.84 earnings per share. Equities research analysts predict that ScanSource, Inc. will post 3.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Stephen Jones sold 5,020 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $42.30, for a total transaction of $212,346.00. Following the completion of the sale, the chief financial officer directly owned 83,326 shares in the company, valued at approximately $3,524,689.80. This represents a 5.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael L. Baur sold 9,459 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $41.42, for a total value of $391,791.78. Following the completion of the transaction, the chief executive officer owned 182,512 shares in the company, valued at $7,559,647.04. The trade was a 4.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 25,020 shares of company stock valued at $1,035,669. Corporate insiders own 3.18% of the company’s stock.

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.