Hsbc Holdings PLC Invests $343,000 in ScanSource, Inc. (NASDAQ:SCSC)

Hsbc Holdings PLC bought a new stake in ScanSource, Inc. (NASDAQ:SCSC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 7,218 shares of the industrial products company's stock, valued at approximately $343,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of ScanSource in the fourth quarter valued at $5,687,000. JPMorgan Chase & Co. boosted its holdings in ScanSource by 31.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 377,080 shares of the industrial products company's stock valued at $18,111,000 after acquiring an additional 91,069 shares during the period. American Century Companies Inc. grew its position in ScanSource by 13.1% in the 4th 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 in the last quarter. Norges Bank acquired a new stake in ScanSource during the 4th quarter worth approximately $4,137,000. Finally, First Trust Advisors LP purchased a new position in ScanSource in the 4th quarter valued at approximately $3,454,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on SCSC. Northcoast Research upgraded ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a report on Tuesday, May 6th. StockNews.com raised ScanSource from a "hold" rating to a "buy" rating in a report on Monday.

Insider Activity

In related news, CFO Stephen Jones sold 2,000 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $36.14, for a total transaction of $72,280.00. Following the transaction, the chief financial officer now directly owns 69,816 shares of the company's stock, valued at approximately $2,523,150.24. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.20% of the company's stock.

ScanSource Price Performance

Shares of SCSC traded up $1.35 on Tuesday, reaching $41.98. The stock had a trading volume of 201,176 shares, compared to its average volume of 233,695. The firm has a market capitalization of $985.02 million, a PE ratio of 16.59, a PEG ratio of 1.14 and a beta of 1.30. The company has a quick ratio of 1.30, a current ratio of 2.11 and a debt-to-equity ratio of 0.15. ScanSource, Inc. has a twelve month low of $28.75 and a twelve month high of $53.90. The firm has a 50-day moving average of $34.07 and a 200 day moving average of $42.05.

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. The business 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 8.55% and a net margin of 2.08%. The business's revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 earnings per share. Sell-side analysts expect that ScanSource, Inc. will post 3.33 EPS for the current year.

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.