Exchange Traded Concepts LLC increased its stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 33.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,773 shares of the industrial products company's stock after purchasing an additional 7,254 shares during the period. Exchange Traded Concepts LLC owned 0.12% of ScanSource worth $979,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the stock. Ritholtz Wealth Management raised its position in shares of ScanSource by 33.4% during the 1st quarter. Ritholtz Wealth Management now owns 20,021 shares of the industrial products company's stock worth $681,000 after purchasing an additional 5,008 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in ScanSource by 1.9% in the 1st quarter. SummerHaven Investment Management LLC now owns 18,409 shares of the industrial products company's stock valued at $626,000 after acquiring an additional 344 shares during the last quarter. SG Americas Securities LLC acquired a new stake in ScanSource in the 1st quarter valued at about $487,000. GAMMA Investing LLC raised its holdings in ScanSource by 25.5% in the 1st quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 395 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in ScanSource by 88.4% in the 1st quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 405 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.
ScanSource Trading Up 2.4%
Shares of ScanSource stock traded up $0.96 during mid-day trading on Monday, hitting $41.44. The stock had a trading volume of 160,218 shares, compared to its average volume of 227,555. The firm has a 50-day moving average of $38.04 and a two-hundred day moving average of $40.26. ScanSource, Inc. has a 12-month low of $28.75 and a 12-month high of $53.90. The company has a quick ratio of 1.32, a current ratio of 2.07 and a debt-to-equity ratio of 0.14. The firm has a market cap of $936.54 million, a P/E 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 posted its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. ScanSource had a net margin of 2.27% and a return on equity of 8.96%. The business had revenue of $704.23 million during the quarter, compared to analysts' expectations of $809.17 million. During the same quarter in the prior year, the company posted $0.69 EPS. The business's revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts forecast that ScanSource, Inc. will post 3.33 earnings per share for the current year.
Wall Street Analyst Weigh In
SCSC has been the subject of a number of recent research reports. Northcoast Research upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a report on Tuesday, May 6th. Wall Street Zen downgraded shares of ScanSource from a "buy" rating to a "hold" rating in a report on Saturday, June 14th.
Read Our Latest Stock Analysis on SCSC
Insider Activity
In related news, EVP Rachel Hayden sold 6,738 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $543,690.98. This trade represents a 33.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.20% of the company's stock.
About ScanSource
(
Free Report)
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.
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