ScanSource, Inc. (NASDAQ:SCSC) Position Raised by Pzena Investment Management LLC

Pzena Investment Management LLC increased its position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 132.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 942,068 shares of the industrial products company's stock after purchasing an additional 537,358 shares during the period. Pzena Investment Management LLC owned 4.01% of ScanSource worth $32,040,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SCSC. Castlekeep Investment Advisors LLC acquired a new position in ScanSource in the fourth quarter worth about $78,694,000. Raymond James Financial Inc. acquired a new position in ScanSource in the fourth quarter valued at approximately $5,687,000. American Century Companies Inc. boosted its stake in ScanSource by 13.1% in the fourth quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company's stock valued at $36,030,000 after acquiring an additional 87,721 shares during the period. Norges Bank acquired a new position in ScanSource in the fourth quarter valued at approximately $4,137,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in ScanSource in the fourth quarter valued at approximately $3,771,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Rachel Hayden sold 6,738 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $41.27, for a total transaction of $278,077.26. Following the sale, the executive vice president owned 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. 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 note on Tuesday, May 6th. Wall Street Zen upgraded ScanSource from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th.

ScanSource Stock Performance

Shares of SCSC traded up $0.51 during mid-day trading on Thursday, reaching $41.02. 225,605 shares of the company's stock traded hands, compared to its average volume of 227,643. The business's 50-day moving average price is $41.16 and its 200-day moving average price is $39.39. The stock has a market capitalization of $927.05 million, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 1.10 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, Inc. has a 12 month low of $28.75 and a 12 month high of $53.90.

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

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.