LSV Asset Management Raises Stock Holdings in ScanSource, Inc. (NASDAQ:SCSC)

Key Points

• LSV Asset Management increased its stake in ScanSource, Inc. by 20.1%, owning 503,185 shares valued at approximately $17.11 million as of the latest reporting period.
• ScanSource reported earnings per share of $0.86 in its latest quarter, surpassing analysts' expectations of $0.77, although revenue fell 6.3% year-over-year to $704.23 million.
• Recent analyst upgrades have shifted ScanSource's rating from "hold" to "buy", with target prices set at $42.00 by Northcoast Research.

LSV Asset Management boosted its holdings in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 20.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 503,185 shares of the industrial products company's stock after purchasing an additional 84,300 shares during the quarter. LSV Asset Management owned approximately 2.14% of ScanSource worth $17,113,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ScanSource by 18.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,469 shares of the industrial products company's stock valued at $2,158,000 after purchasing an additional 6,936 shares during the last quarter. Principal Financial Group Inc. increased its stake in ScanSource by 1.2% in the first quarter. Principal Financial Group Inc. now owns 117,804 shares of the industrial products company's stock valued at $4,007,000 after purchasing an additional 1,433 shares during the last quarter. Deutsche Bank AG increased its stake in ScanSource by 47.8% during the fourth quarter. Deutsche Bank AG now owns 20,510 shares of the industrial products company's stock worth $973,000 after acquiring an additional 6,629 shares during the last quarter. Susquehanna International Group LLP increased its stake in ScanSource by 59.1% during the fourth quarter. Susquehanna International Group LLP now owns 46,837 shares of the industrial products company's stock worth $2,222,000 after acquiring an additional 17,406 shares during the last quarter. Finally, Norges Bank acquired a new stake in ScanSource during the fourth quarter worth about $4,137,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ScanSource

In other news, EVP Rachel Hayden sold 6,738 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $41.27, for a total value of $278,077.26. Following the completion of the sale, the executive vice president owned 13,174 shares of the company's stock, valued at $543,690.98. This represents a 33.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.20% of the stock is owned by insiders.

ScanSource Trading Up 4.2%

NASDAQ:SCSC traded up $1.66 on Friday, hitting $41.40. 121,998 shares of the stock were exchanged, compared to its average volume of 236,623. The stock has a market cap of $935.36 million, a PE ratio of 14.94, a PEG ratio of 1.07 and a beta of 1.41. The company has a current ratio of 2.07, a quick ratio of 1.32 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $41.07 and a 200-day moving average of $38.53. ScanSource, Inc. has a fifty-two week low of $28.75 and a fifty-two week high of $53.90.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. ScanSource had a return on equity of 8.96% and a net margin of 2.27%. The company had revenue of $704.23 million during the quarter, compared to the consensus estimate of $809.17 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. The company's revenue was down 6.3% compared to the same quarter last year. As a group, equities analysts expect that ScanSource, Inc. will post 3.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SCSC shares. Wall Street Zen upgraded ScanSource from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Northcoast Research upgraded ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a research note on Tuesday, May 6th.

About ScanSource

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.