Bank of New York Mellon Corp Buys New Shares in ScanSource, Inc. $SCSC

Key Points

• Bank of New York Mellon acquired 135,080 ScanSource shares worth approximately $7.0 million, giving it a 0.66% stake. Institutional investors collectively own 97.91% of the company.
• ScanSource reported strong quarterly results, with EPS of $1.46 versus the $1.14 consensus and revenue of $953.1 million, up 17.3% year over year.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $43 price target, while CFO Stephen Jones sold 10,000 shares to cover tax withholding obligations.

Bank of New York Mellon Corp purchased a new stake in ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 135,080 shares of the industrial products company's stock, valued at approximately $7,036,000. Bank of New York Mellon Corp owned about 0.66% of ScanSource at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ScanSource by 2.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company's stock valued at $471,000 after purchasing an additional 295 shares during the last quarter. Royce & Associates LP grew its stake in ScanSource by 1.7% in the fourth quarter. Royce & Associates LP now owns 26,088 shares of the industrial products company's stock valued at $1,019,000 after purchasing an additional 433 shares in the last quarter. Summit Global Investments increased its position in shares of ScanSource by 3.3% during the 4th quarter. Summit Global Investments now owns 14,177 shares of the industrial products company's stock worth $554,000 after purchasing an additional 451 shares during the last quarter. WINTON GROUP Ltd increased its position in shares of ScanSource by 2.0% during the 4th quarter. WINTON GROUP Ltd now owns 26,020 shares of the industrial products company's stock worth $1,016,000 after purchasing an additional 510 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of ScanSource by 1.6% during the 3rd quarter. Franklin Resources Inc. now owns 36,424 shares of the industrial products company's stock worth $1,602,000 after purchasing an additional 567 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SCSC shares. Zacks Research upgraded shares of ScanSource from a "hold" rating to a "strong-buy" rating in a report on Monday, August 24th. Weiss Ratings reissued a "hold (c+)" rating on shares of ScanSource in a research report on Wednesday, August 26th. Wall Street Zen raised shares of ScanSource from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 29th. Finally, Northcoast Research lowered shares of ScanSource from a "buy" rating to a "neutral" rating in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Insider Activity at ScanSource

In other news, CFO Stephen Jones sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total value of $567,600.00. Following the transaction, the chief financial officer owned 87,421 shares of the company's stock, valued at approximately $4,962,015.96. This represents a 10.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 3.18% of the company's stock.

ScanSource Trading Up 2.2%

SCSC stock opened at $57.86 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. The company has a fifty day moving average price of $54.41 and a two-hundred day moving average price of $45.73. ScanSource, Inc. has a one year low of $33.76 and a one year high of $66.78. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 0.83 and a beta of 1.24.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $953.11 million for the quarter, compared to analyst estimates of $814.35 million. During the same period in the prior year, the firm earned $1.02 earnings per share. The company's revenue was up 17.3% on a year-over-year basis. Equities analysts anticipate that ScanSource, Inc. will post 4.56 EPS for the current 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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