55,559 Shares in ScanSource, Inc. (NASDAQ:SCSC) Bought by Moran Wealth Management LLC

Moran Wealth Management LLC purchased a new stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 55,559 shares of the industrial products company's stock, valued at approximately $1,890,000. Moran Wealth Management LLC owned 0.24% of ScanSource as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Advisor Resource Council acquired a new position in shares of ScanSource during the first quarter valued at $396,000. RHS Financial LLC increased its stake in ScanSource by 13.1% in the 1st quarter. RHS Financial LLC now owns 6,765 shares of the industrial products company's stock worth $230,000 after purchasing an additional 784 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in ScanSource by 33.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 28,773 shares of the industrial products company's stock worth $979,000 after purchasing an additional 7,254 shares in the last quarter. Ritholtz Wealth Management increased its stake in ScanSource by 33.4% in the 1st quarter. Ritholtz Wealth Management now owns 20,021 shares of the industrial products company's stock worth $681,000 after purchasing an additional 5,008 shares in the last quarter. Finally, SummerHaven Investment Management LLC increased its stake in ScanSource by 1.9% in the 1st quarter. SummerHaven Investment Management LLC now owns 18,409 shares of the industrial products company's stock worth $626,000 after purchasing an additional 344 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

ScanSource Stock Up 0.1%

Shares of SCSC stock traded up $0.06 during trading on Friday, hitting $41.95. 305,333 shares of the company were exchanged, compared to its average volume of 226,861. The business's 50-day simple moving average is $38.66 and its 200 day simple moving average is $40.21. ScanSource, Inc. has a twelve month low of $28.75 and a twelve month high of $53.90. The firm has a market capitalization of $948.07 million, a price-to-earnings ratio of 15.14, a P/E/G ratio of 1.21 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.32 and a current ratio of 2.07.

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

Insider Activity at ScanSource

In other ScanSource news, EVP Rachel Hayden sold 6,738 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were 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 now directly owns 13,174 shares of the company's stock, valued at $543,690.98. The trade was a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.20% of the company's stock.

Analyst Ratings Changes

SCSC has been the topic of a number of analyst reports. Northcoast Research raised ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research note on Tuesday, May 6th. Wall Street Zen cut ScanSource from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th.

ScanSource Profile

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.