44,524 Shares in ScanSource, Inc. $SCSC Purchased by Legal & General Group Plc

Key Points

• Legal & General Group purchased 44,524 ScanSource shares worth approximately $2.32 million, while institutional investors collectively own 97.91% of the company.
• ScanSource exceeded quarterly expectations, reporting $1.46 in EPS versus the $1.14 consensus estimate and $953.11 million in revenue, up 17.3% year over year.
• Analyst sentiment remains mixed but leans positive, with an overall “Moderate Buy” rating; the stock recently traded at $58.48, above the consensus price target of $43.00.

Legal & General Group Plc bought a new position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 44,524 shares of the industrial products company's stock, valued at approximately $2,319,000. Legal & General Group Plc owned about 0.22% of ScanSource as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in ScanSource during the second quarter valued at approximately $200,140,000. Pzena Investment Management LLC purchased a new position in shares of ScanSource in the 2nd quarter worth about $57,807,000. Wasatch Advisors LP increased its position in shares of ScanSource by 34.9% during the 3rd quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company's stock valued at $50,130,000 after purchasing an additional 294,624 shares during the last quarter. LSV Asset Management raised its holdings in shares of ScanSource by 40.6% during the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company's stock valued at $33,118,000 after buying an additional 244,903 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in ScanSource by 74.4% in the 1st quarter. SG Americas Securities LLC now owns 494,988 shares of the industrial products company's stock worth $17,968,000 after buying an additional 211,232 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

ScanSource Price Performance

Shares of SCSC stock opened at $58.48 on Friday. The firm has a market cap of $1.18 billion, a P/E ratio of 15.98, a P/E/G ratio of 0.85 and a beta of 1.24. ScanSource, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $66.78. The business's 50 day moving average price is $54.56 and its 200-day moving average price is $45.82. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.15 and a current ratio of 1.76.

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

Insider Buying and Selling at ScanSource

In other ScanSource news, CAO Brandy Ford sold 5,293 shares of the company's stock in a transaction on Friday, September 4th. The shares were 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 in the company, valued at approximately $568,959.01. This represents a 34.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Stephen Jones sold 10,000 shares of ScanSource stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $56.76, for a total transaction of $567,600.00. Following the sale, the chief financial officer directly owned 87,421 shares in the company, valued at $4,962,015.96. The trade was a 10.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.

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