Pacer Advisors Inc. Grows Stock Position in ScanSource, Inc. $SCSC

Key Points

• Pacer Advisors increased its ScanSource stake by 69.7% in the first quarter, bringing its holdings to 130,788 shares worth approximately $4.75 million. Institutional investors collectively own 97.91% of the company.
• ScanSource beat quarterly expectations, reporting $0.94 in earnings per share versus the $0.91 consensus and revenue of $758.59 million, up 8.8% year over year.
• Despite the stock trading near its 12-month high at $57.37, analysts maintain a consensus “Hold” rating with an average price target of $43.00, below the current share price.

Pacer Advisors Inc. boosted its position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 69.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 130,788 shares of the industrial products company's stock after acquiring an additional 53,702 shares during the period. Pacer Advisors Inc. owned 0.64% of ScanSource worth $4,748,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SCSC. California State Teachers Retirement System increased its stake in shares of ScanSource by 25.5% during the first quarter. California State Teachers Retirement System now owns 26,381 shares of the industrial products company's stock valued at $958,000 after buying an additional 5,363 shares during the period. Empowered Funds LLC lifted its stake in ScanSource by 10.1% in the first quarter. Empowered Funds LLC now owns 128,473 shares of the industrial products company's stock worth $4,664,000 after acquiring an additional 11,767 shares during the period. Lazard Asset Management LLC purchased a new stake in ScanSource in the first quarter worth $1,851,000. Renaissance Technologies LLC bought a new stake in ScanSource in the first quarter valued at $766,000. Finally, Aristides Capital LLC bought a new stake in ScanSource in the first quarter valued at $251,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

ScanSource Trading Down 2.6%

ScanSource stock opened at $57.37 on Thursday. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11. The business's fifty day simple moving average is $51.78 and its two-hundred day simple moving average is $43.55. ScanSource, Inc. has a 12 month low of $33.76 and a 12 month high of $59.60. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 0.91 and a beta of 1.28.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on SCSC shares. Weiss Ratings raised ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 29th. Wall Street Zen lowered ScanSource from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ScanSource has an average rating of "Hold" and an average price target of $43.00.

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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