Engineers Gate Manager LP Acquires New Stake in ScanSource, Inc. $SCSC

Key Points

• Engineers Gate Manager LP acquired 19,178 ScanSource shares worth approximately $999,000, giving it a 0.10% stake. Institutional investors collectively own 97.91% of the company.
• Analyst sentiment is mixed but leans positive: ScanSource has a “Moderate Buy” consensus rating and a $43 price target, with recent upgrades to “Strong Buy” offset by a downgrade to “Neutral.”
• ScanSource exceeded quarterly expectations, reporting $1.46 in EPS versus $1.14 expected and $953.11 million in revenue, up 17.3% year over year. However, insiders have sold 95,632 shares worth about $5.5 million over the past 90 days.

Engineers Gate Manager LP bought a new position in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 19,178 shares of the industrial products company's stock, valued at approximately $999,000. Engineers Gate Manager LP owned 0.10% of ScanSource at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Freestone Grove Partners LP acquired a new position in shares of ScanSource in the second quarter worth approximately $119,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of ScanSource in the 2nd quarter valued at $134,000. HighTower Advisors LLC bought a new stake in shares of ScanSource in the 2nd quarter valued at $246,000. Aristides Capital LLC acquired a new position in ScanSource in the first quarter valued at $251,000. Finally, Inceptionr LLC acquired a new position in ScanSource in the first quarter valued at $267,000. Institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at ScanSource

In other news, CAO Brandy Ford sold 5,293 shares of ScanSource stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the completion of the transaction, the chief accounting officer directly owned 9,907 shares in the company, valued at $568,959.01. This trade represents a 34.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Stephen Jones sold 10,000 shares of the business's stock in a transaction dated Thursday, September 3rd. The stock was 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 of the company's stock, valued at approximately $4,962,015.96. The trade was a 10.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 95,632 shares of company stock worth $5,484,582. Company insiders own 3.18% of the company's stock.

ScanSource Trading Down 1.3%

SCSC opened at $56.88 on Friday. The company has a fifty day moving average price of $55.68 and a two-hundred day moving average price of $47.27. ScanSource, Inc. has a 1-year low of $33.76 and a 1-year high of $66.78. The company has a market cap of $1.15 billion, a P/E ratio of 15.54, a price-to-earnings-growth ratio of 0.83 and a beta of 1.24. The company has a current ratio of 1.76, a quick ratio of 1.15 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued 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 business had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The firm's revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.02 EPS. Analysts predict that ScanSource, Inc. will post 4.56 EPS for the current fiscal year.

ScanSource Company Profile

ScanSource, Inc is a technology distributor that connects manufacturers of hardware, software and cloud services with value-added resellers, systems integrators and other technology providers. The company supports partners with product distribution, technical expertise, training, financing and other services designed to help them deliver technology solutions to business and government customers.

ScanSource's offerings include point-of-sale systems, barcode scanners, mobile computing devices, data-capture products, networking equipment and physical security technology.

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