Assenagon Asset Management S.A. Decreases Stock Holdings in ScanSource, Inc. (NASDAQ:SCSC)

Assenagon Asset Management S.A. trimmed its holdings in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 75.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,390 shares of the industrial products company's stock after selling 50,396 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.07% of ScanSource worth $557,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Sanctuary Advisors LLC grew its position in ScanSource by 3.5% during the fourth quarter. Sanctuary Advisors LLC now owns 10,103 shares of the industrial products company's stock valued at $479,000 after buying an additional 338 shares during the period. GAMMA Investing LLC boosted its position in shares of ScanSource by 25.5% in the first quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock worth $66,000 after purchasing an additional 395 shares during the period. Versant Capital Management Inc boosted its position in shares of ScanSource by 88.4% in the first quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock worth $29,000 after purchasing an additional 405 shares during the period. Brandywine Global Investment Management LLC boosted its position in shares of ScanSource by 0.7% in the fourth quarter. Brandywine Global Investment Management LLC now owns 80,908 shares of the industrial products company's stock worth $3,839,000 after purchasing an additional 538 shares during the period. Finally, Sterling Capital Management LLC boosted its position in shares of ScanSource by 7.3% in the fourth quarter. Sterling Capital Management LLC now owns 9,782 shares of the industrial products company's stock worth $464,000 after purchasing an additional 665 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SCSC shares. Northcoast Research upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a research report on Tuesday, May 6th. Wall Street Zen lowered shares of ScanSource from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th.

ScanSource Price Performance

Shares of NASDAQ:SCSC traded up $0.96 during midday trading on Monday, reaching $41.44. 160,218 shares of the company were exchanged, compared to its average volume of 227,555. The company has a current ratio of 2.07, a quick ratio of 1.32 and a debt-to-equity ratio of 0.14. The business's fifty day moving average is $38.04 and its two-hundred day moving average is $40.26. ScanSource, Inc. has a one year low of $28.75 and a one year high of $53.90. The stock has a market cap of $936.54 million, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.17 and a beta of 1.38.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The firm had revenue of $704.23 million during the quarter, compared to analyst estimates of $809.17 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. ScanSource's revenue for the quarter was down 6.3% on a year-over-year basis. As a group, analysts predict that ScanSource, Inc. will post 3.33 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Rachel Hayden sold 6,738 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the transaction, the executive vice president now owns 13,174 shares in the company, valued at approximately $543,690.98. This represents a 33.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.20% of the stock is owned by company insiders.

ScanSource Company 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.