Readystate Asset Management LP Buys Shares of 29,771 ScanSource, Inc. (NASDAQ:SCSC)

Readystate Asset Management LP acquired a new position in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 29,771 shares of the industrial products company's stock, valued at approximately $1,013,000. Readystate Asset Management LP owned approximately 0.13% of ScanSource at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SCSC. Castlekeep Investment Advisors LLC acquired a new stake in shares of ScanSource during the 4th quarter worth approximately $78,694,000. Pzena Investment Management LLC grew its holdings in shares of ScanSource by 132.8% during the 1st quarter. Pzena Investment Management LLC now owns 942,068 shares of the industrial products company's stock worth $32,040,000 after purchasing an additional 537,358 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of ScanSource during the 4th quarter worth approximately $5,687,000. American Century Companies Inc. grew its holdings in shares of ScanSource by 13.1% during the 4th quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company's stock worth $36,030,000 after purchasing an additional 87,721 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of ScanSource during the 4th quarter worth approximately $4,137,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at ScanSource

In other news, EVP Rachel Hayden sold 6,738 shares of ScanSource stock in a transaction on 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 directly owned 13,174 shares of the company's stock, valued at approximately $543,690.98. This trade represents a 33.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.20% of the company's stock.

ScanSource Price Performance

SCSC traded down $0.04 during trading on Friday, hitting $41.01. The company's stock had a trading volume of 94,117 shares, compared to its average volume of 237,537. The firm's 50 day moving average price is $41.18 and its two-hundred day moving average price is $39.16. The company has a quick ratio of 1.32, a current ratio of 2.07 and a debt-to-equity ratio of 0.14. ScanSource, Inc. has a 12 month low of $28.75 and a 12 month high of $53.90. The stock has a market capitalization of $926.83 million, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.14 and a beta of 1.38.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $704.23 million during the quarter, compared to the consensus estimate of $809.17 million. During the same quarter in the previous year, the company posted $0.69 EPS. The business's revenue for the quarter was down 6.3% compared to the same quarter last year. Sell-side analysts forecast that ScanSource, Inc. will post 3.33 earnings per share for the current fiscal year.

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.