Wealth Enhancement Advisory Services LLC Takes $365,000 Position in ScanSource, Inc. (NASDAQ:SCSC)

Wealth Enhancement Advisory Services LLC acquired a new position in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 7,686 shares of the industrial products company's stock, valued at approximately $365,000.

A number of other hedge funds have also modified their holdings of the stock. Quarry LP boosted its stake in 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 purchasing an additional 721 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of ScanSource in the fourth quarter valued at $64,000. Point72 Asset Management L.P. acquired a new stake in shares of ScanSource in the fourth quarter worth $81,000. Picton Mahoney Asset Management grew its holdings in shares of ScanSource by 50.9% during the fourth quarter. Picton Mahoney Asset Management now owns 2,246 shares of the industrial products company's stock valued at $106,000 after buying an additional 758 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in ScanSource during the fourth quarter valued at $126,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

ScanSource Stock Down 0.6%

SCSC stock traded down $0.25 during mid-day trading on Tuesday, hitting $40.57. The stock had a trading volume of 169,993 shares, compared to its average volume of 233,084. ScanSource, Inc. has a 1-year low of $28.75 and a 1-year high of $53.90. The company has a fifty day moving average of $37.28 and a 200 day moving average of $40.67. The company has a current ratio of 2.07, a quick ratio of 1.32 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $916.88 million, a price-to-earnings ratio of 14.65, a PEG ratio of 1.18 and a beta of 1.38.

ScanSource (NASDAQ:SCSC - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The firm had revenue of $704.23 million for the quarter, compared to the consensus estimate of $809.17 million. ScanSource had a return on equity of 8.96% and a net margin of 2.27%. The firm's revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.69 earnings per share. On average, equities analysts expect that ScanSource, Inc. will post 3.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Northcoast Research upgraded ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a research report on Tuesday, May 6th. Wall Street Zen downgraded shares of ScanSource from a "buy" rating to a "hold" rating in a research report on Saturday.

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.