Lazard Asset Management LLC Buys New Shares in ScanSource, Inc. $SCSC

Key Points

• Lazard Asset Management initiated a position in ScanSource by purchasing 50,995 shares valued at approximately $1.85 million, representing 0.25% of the company. Institutional investors collectively own 97.91% of ScanSource’s outstanding shares.
• ScanSource exceeded quarterly expectations, reporting earnings of $0.94 per share versus the $0.91 consensus estimate and revenue of $758.59 million versus $738.55 million expected. Revenue increased 8.8% year over year.
• The stock opened at $57.13, near its 52-week high of $58.94, while analysts maintain an overall “Hold” rating with an average price target of $43.00.

Lazard Asset Management LLC bought a new position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 50,995 shares of the industrial products company's stock, valued at approximately $1,851,000. Lazard Asset Management LLC owned 0.25% of ScanSource as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of SCSC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ScanSource by 2.2% in 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 acquiring an additional 295 shares in the last quarter. Royce & Associates LP grew its position in shares of ScanSource by 1.7% during the fourth quarter. Royce & Associates LP now owns 26,088 shares of the industrial products company's stock worth $1,019,000 after purchasing an additional 433 shares in the last quarter. Summit Global Investments raised its stake in ScanSource by 3.3% during the 4th quarter. Summit Global Investments now owns 14,177 shares of the industrial products company's stock valued at $554,000 after purchasing an additional 451 shares during the period. WINTON GROUP Ltd raised its stake in ScanSource by 2.0% during the 4th quarter. WINTON GROUP Ltd now owns 26,020 shares of the industrial products company's stock valued at $1,016,000 after purchasing an additional 510 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in ScanSource by 1.6% in 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. Hedge funds and other institutional investors own 97.91% of the company's stock.

ScanSource Price Performance

ScanSource stock opened at $57.13 on Tuesday. ScanSource, Inc. has a 52-week low of $33.76 and a 52-week high of $58.94. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11. The firm's fifty day moving average is $51.26 and its 200 day moving average is $43.32. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 0.88 and a beta of 1.28.

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

Analyst Ratings Changes

Several research analysts have weighed in on SCSC shares. Weiss Ratings upgraded ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 29th. Zacks Research raised shares of ScanSource from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Finally, Wall Street Zen lowered shares of ScanSource from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, ScanSource currently has an average rating of "Hold" and an average target price of $43.00.

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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