Meeder Asset Management Inc. Takes $1.85 Million Position in ScanSource, Inc. $SCSC

Key Points

• Meeder Asset Management opened a new position in ScanSource during the first quarter, buying 50,898 shares valued at about $1.85 million. The stake represented roughly 0.24% of the company.
• Other institutional investors also increased or initiated positions, and institutional ownership is very high at 97.91% of ScanSource shares.
• ScanSource’s latest quarter topped expectations, with EPS of $0.94 versus the $0.91 estimate and revenue of $758.6 million, up 8.8% year over year. Analysts currently rate the stock Hold with a consensus price target of $43.00.

Meeder Asset Management Inc. purchased 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 fund purchased 50,898 shares of the industrial products company's stock, valued at approximately $1,848,000. Meeder Asset Management Inc. owned about 0.24% of ScanSource at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new stake in ScanSource during the 2nd quarter valued at about $25,000. Royal Bank of Canada lifted its stake in shares of ScanSource by 165.0% in 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 in the last quarter. Osaic Holdings Inc. lifted its stake in shares of ScanSource by 400.5% in 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 in the last quarter. Tower Research Capital LLC TRC grew 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 valued at $194,000 after buying an additional 4,032 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of ScanSource by 12.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company's stock valued at $204,000 after acquiring an additional 590 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Wall Street Analyst Weigh In

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

ScanSource Stock Performance

Shares of SCSC stock opened at $54.24 on Tuesday. The company has a 50 day moving average price of $48.67 and a 200-day moving average price of $42.19. ScanSource, Inc. has a 52 week low of $33.76 and a 52 week high of $55.15. The firm has a market capitalization of $1.10 billion, a PE ratio of 16.44, a P/E/G ratio of 0.85 and a beta of 1.28. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The company had revenue of $758.59 million for the quarter, compared to the consensus estimate of $738.55 million. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts expect that ScanSource, Inc. will post 3.9 earnings per share for the current year.

ScanSource Company 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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