Fifth Third Bancorp Acquires 25,413 Shares of ScanSource, Inc. $SCSC

Key Points

• Fifth Third Bancorp significantly increased its ScanSource stake by purchasing 25,413 additional shares in the first quarter, bringing its holdings to 25,617 shares valued at approximately $930,000. Institutional investors collectively own 97.91% of SCSC.
• ScanSource exceeded quarterly expectations, reporting $0.94 in adjusted earnings per share versus the $0.91 consensus and revenue of $758.59 million versus $738.55 million expected. Revenue rose 8.8% year over year.
• Despite the stock trading near its 52-week high at $54.88, analysts maintain an average “Hold” rating and a $43.00 price target, below the current share price.

Fifth Third Bancorp grew its holdings in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 12,457.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,617 shares of the industrial products company's stock after purchasing an additional 25,413 shares during the period. Fifth Third Bancorp owned about 0.12% of ScanSource worth $930,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Wasatch Advisors LP increased its stake in ScanSource by 34.9% in 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 buying an additional 294,624 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of ScanSource by 2,835.9% during the 4th quarter. SG Americas Securities LLC now owns 283,756 shares of the industrial products company's stock worth $11,084,000 after buying an additional 274,091 shares during the last quarter. LSV Asset Management grew its holdings in shares of ScanSource by 40.6% in the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company's stock valued at $33,118,000 after acquiring an additional 244,903 shares in the last quarter. Invesco Ltd. grew its holdings in shares of ScanSource by 56.5% in the 4th quarter. Invesco Ltd. now owns 439,442 shares of the industrial products company's stock valued at $17,165,000 after acquiring an additional 158,722 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of ScanSource by 65.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 389,915 shares of the industrial products company's stock valued at $17,152,000 after acquiring an additional 154,518 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

ScanSource Price Performance

ScanSource stock opened at $54.88 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The company's 50-day moving average is $49.64 and its 200-day moving average is $42.63. The firm has a market capitalization of $1.12 billion, a PE ratio of 16.63, a P/E/G ratio of 0.85 and a beta of 1.28. ScanSource, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $55.84.

ScanSource (NASDAQ:SCSC - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. The business had revenue of $758.59 million during the quarter, compared to analysts' expectations of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.ScanSource's quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company posted $0.86 earnings per share. Sell-side analysts anticipate that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on SCSC shares. Zacks Research upgraded ScanSource from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Wall Street Zen downgraded ScanSource from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, Weiss Ratings raised ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 29th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, ScanSource currently has an average rating of "Hold" and an average target price 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.

Want to see what other hedge funds are holding SCSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ScanSource, Inc. (NASDAQ:SCSC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.