22,709 Shares in ScanSource, Inc. $SCSC Purchased by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio acquired 22,709 ScanSource shares worth approximately $1.18 million, while institutional investors collectively own 97.91% of the company.
• ScanSource reported strong quarterly results, with EPS of $1.46 beating estimates by $0.32 and revenue rising 17.3% year over year to $953.11 million.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $43 price target, although two company executives recently sold shares to cover tax obligations.

Public Employees Retirement System of Ohio acquired a new stake in ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 22,709 shares of the industrial products company's stock, valued at approximately $1,183,000. Public Employees Retirement System of Ohio owned approximately 0.11% of ScanSource at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board acquired a new stake in shares of ScanSource in the 2nd quarter valued at approximately $25,000. Royal Bank of Canada grew its holdings in ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company's stock worth $73,000 after acquiring an additional 1,168 shares during the period. Osaic Holdings Inc. grew its holdings in ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company's stock worth $87,000 after acquiring an additional 1,670 shares during the period. Freestone Grove Partners LP purchased a new position in ScanSource in the second quarter worth $119,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in ScanSource in the second quarter worth $134,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Buying and Selling

In other ScanSource news, CFO Stephen Jones sold 10,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total transaction of $567,600.00. Following the completion of the transaction, the chief financial officer owned 87,421 shares of the company's stock, valued at approximately $4,962,015.96. This trade represents a 10.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Brandy Ford sold 5,293 shares of the business's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $57.43, for a total value of $303,976.99. Following the completion of the transaction, the chief accounting officer directly owned 9,907 shares of the company's stock, valued at approximately $568,959.01. This trade represents a 34.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 3.18% of the company's stock.

Analyst Upgrades and Downgrades

SCSC has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of ScanSource from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 29th. Northcoast Research cut shares of ScanSource from a "buy" rating to a "neutral" rating in a research note on Monday, August 17th. Weiss Ratings restated a "hold (c+)" rating on shares of ScanSource in a research report on Wednesday, August 26th. Finally, Zacks Research raised shares of ScanSource from a "hold" rating to a "strong-buy" rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $43.00.

ScanSource Trading Down 1.4%

NASDAQ:SCSC opened at $57.69 on Wednesday. ScanSource, Inc. has a 52-week low of $33.76 and a 52-week high of $66.78. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $54.82 and a 200-day simple moving average of $46.19. The company has a market capitalization of $1.16 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 0.85 and a beta of 1.24.

ScanSource (NASDAQ:SCSC - Get Free Report) last posted its earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.32. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The firm had revenue of $953.11 million during the quarter, compared to the consensus estimate of $814.35 million. During the same period last year, the firm posted $1.02 EPS. The firm's revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts expect that ScanSource, Inc. will post 4.56 earnings per share for the current fiscal year.

ScanSource Profile

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.

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