Meeder Asset Management Inc. Acquires Shares of 93,287 ScanSource, Inc. $SCSC

Key Points

• Meeder Asset Management acquired 93,287 ScanSource shares worth approximately $4.86 million, representing about 0.46% of the company.
• Several institutional investors increased or initiated positions, and institutions collectively own approximately 97.91% of ScanSource’s stock.
• ScanSource shares opened at $51.71, while analysts maintain a consensus “Hold” rating with an average price target of $43.00.

Meeder Asset Management Inc. bought a new stake in ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 93,287 shares of the industrial products company's stock, valued at approximately $4,859,000. Meeder Asset Management Inc. owned approximately 0.46% of ScanSource as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in ScanSource during the 2nd quarter valued at about $25,000. Royal Bank of Canada grew its stake in ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company's stock worth $73,000 after buying an additional 1,168 shares during the last quarter. Osaic Holdings Inc. grew its stake in ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company's stock worth $87,000 after buying an additional 1,670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of ScanSource during the second quarter worth approximately $134,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of ScanSource by 672.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company's stock worth $194,000 after buying an additional 4,032 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

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ScanSource Stock Down 2.8%

Shares of NASDAQ:SCSC opened at $51.71 on Tuesday. 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 has a market cap of $1.05 billion, a P/E ratio of 15.67, a P/E/G ratio of 0.83 and a beta of 1.28. ScanSource, Inc. has a 12 month low of $33.76 and a 12 month high of $59.60. The company's 50-day moving average price is $52.79 and its two-hundred day moving average price is $44.25.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SCSC. Weiss Ratings raised ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 29th. Northcoast Research cut ScanSource from a "buy" rating to a "neutral" rating in a report on Monday. Finally, Wall Street Zen upgraded ScanSource from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target 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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