Bank of America Corp DE Increases Stock Position in ScanSource, Inc. (NASDAQ:SCSC)

Bank of America Corp DE raised its stake in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 75.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 54,715 shares of the industrial products company's stock after acquiring an additional 23,587 shares during the period. Bank of America Corp DE owned approximately 0.23% of ScanSource worth $2,596,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of SCSC. Sanctuary Advisors LLC increased its holdings in shares of ScanSource by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 10,103 shares of the industrial products company's stock worth $479,000 after buying an additional 338 shares during the last quarter. Brandywine Global Investment Management LLC increased its holdings in shares of ScanSource by 0.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 80,908 shares of the industrial products company's stock worth $3,839,000 after buying an additional 538 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of ScanSource by 7.3% in the 4th quarter. Sterling Capital Management LLC now owns 9,782 shares of the industrial products company's stock worth $464,000 after buying an additional 665 shares during the last quarter. Quarry LP increased its holdings in shares of ScanSource by 948.7% in the 4th quarter. Quarry LP now owns 797 shares of the industrial products company's stock worth $38,000 after buying an additional 721 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of ScanSource by 5.1% in the 4th quarter. MetLife Investment Management LLC now owns 14,956 shares of the industrial products company's stock worth $710,000 after buying an additional 721 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Northcoast Research upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a report on Tuesday, May 6th. Wall Street Zen upgraded shares of ScanSource from a "hold" rating to a "buy" rating in a report on Monday, May 12th.

ScanSource Trading Up 0.8%

ScanSource stock traded up $0.34 during trading hours on Thursday, hitting $41.43. The company had a trading volume of 170,839 shares, compared to its average volume of 232,686. The firm has a market cap of $936.15 million, a P/E ratio of 16.38, a P/E/G ratio of 1.14 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.30 and a current ratio of 2.11. ScanSource, Inc. has a 1 year low of $28.75 and a 1 year high of $53.90. The company has a 50-day moving average price of $35.70 and a two-hundred day moving average price of $41.24.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. The firm had revenue of $704.23 million during the quarter, compared to analysts' expectations of $809.17 million. ScanSource had a net margin of 2.08% and a return on equity of 8.55%. The company's revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 EPS. On average, sell-side analysts anticipate that ScanSource, Inc. will post 3.33 earnings per share for the current year.

Insider Buying and Selling at ScanSource

In other news, CFO Stephen Jones sold 2,000 shares of the company's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $36.14, for a total value of $72,280.00. Following the sale, the chief financial officer now directly owns 69,816 shares of the company's stock, valued at $2,523,150.24. This represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.20% of the stock is currently owned by company insiders.

ScanSource Company 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.