ScanSource, Inc. $SCSC Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 48,027 ScanSource shares worth approximately $2.5 million in the second quarter, representing a 0.24% stake. Institutional investors collectively own 97.91% of the company.
• ScanSource insiders sold 95,632 shares worth about $5.5 million during the last quarter, including sales by the CFO and chief accounting officer primarily tied to tax-withholding obligations.
• The company reported quarterly EPS of $1.46, exceeding estimates of $1.14, while revenue rose 17.3% year over year to $953.1 million. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $43.00.

Bank of America Corp DE acquired a new stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 48,027 shares of the industrial products company's stock, valued at approximately $2,502,000. Bank of America Corp DE owned 0.24% of ScanSource at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Freestone Grove Partners LP bought a new stake in shares of ScanSource during the 2nd quarter valued at $119,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in ScanSource in the 2nd quarter worth $134,000. The Manufacturers Life Insurance Company bought a new stake in ScanSource during the second quarter valued at about $289,000. EP Wealth Advisors LLC purchased a new position in shares of ScanSource in the second quarter valued at about $317,000. Finally, Hennion & Walsh Asset Management Inc. bought a new position in shares of ScanSource in the second quarter worth about $350,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Buying and Selling

In other news, CFO Stephen Jones sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total transaction of $567,600.00. Following the transaction, the chief financial officer owned 87,421 shares of the company's stock, valued at approximately $4,962,015.96. The trade was a 10.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Brandy Ford sold 5,293 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $57.43, for a total value of $303,976.99. Following the completion of the sale, the chief accounting officer owned 9,907 shares of the company's stock, valued at approximately $568,959.01. This represents a 34.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 95,632 shares of company stock worth $5,484,582. 3.18% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on SCSC shares. Weiss Ratings reissued a "hold (c+)" rating on shares of ScanSource in a report on Wednesday, August 26th. Northcoast Research downgraded shares of ScanSource from a "buy" rating to a "neutral" rating in a report on Monday, August 17th. Zacks Research upgraded shares of ScanSource from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Wall Street Zen raised shares of ScanSource from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 29th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, ScanSource presently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

ScanSource Price Performance

ScanSource stock opened at $58.73 on Thursday. ScanSource, Inc. has a 52-week low of $33.76 and a 52-week high of $66.78. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 0.11. The firm's fifty day moving average is $56.26 and its 200 day moving average is $48.55. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 0.85 and a beta of 1.24.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.32. The business had revenue of $953.11 million during the quarter, compared to analysts' expectations of $814.35 million. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The business's revenue was up 17.3% on a year-over-year basis. During the same period last year, the company posted $1.02 EPS. Sell-side analysts forecast that ScanSource, Inc. will post 4.56 EPS for the current fiscal year.

ScanSource Company Profile

ScanSource, Inc is a technology distributor that connects manufacturers of hardware, software and cloud services with value-added resellers, systems integrators and other technology providers. The company supports partners with product distribution, technical expertise, training, financing and other services designed to help them deliver technology solutions to business and government customers.

ScanSource's offerings include point-of-sale systems, barcode scanners, mobile computing devices, data-capture products, networking equipment and physical security technology.

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