Peregrine Capital Management LLC raised its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 18.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 164,528 shares of the industrial products company’s stock after acquiring an additional 25,463 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.64% of ScanSource worth $6,565,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of SCSC. Rehmann Capital Advisory Group bought a new position in shares of ScanSource during the second quarter valued at $161,000. Summit Trail Advisors LLC lifted its holdings in shares of ScanSource by 2,721.3% during the first quarter. Summit Trail Advisors LLC now owns 199,836 shares of the industrial products company’s stock valued at $200,000 after acquiring an additional 192,753 shares during the period. ClariVest Asset Management LLC bought a new position in shares of ScanSource during the second quarter valued at $201,000. Palouse Capital Management Inc. bought a new position in shares of ScanSource during the second quarter valued at $205,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of ScanSource during the second quarter valued at $218,000. 94.56% of the stock is owned by institutional investors.
SCSC has been the subject of a number of research analyst reports. BidaskClub raised ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 18th. Zacks Investment Research raised ScanSource from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Saturday, August 18th. Raymond James lifted their price target on ScanSource from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, August 29th. Finally, ValuEngine cut ScanSource from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. ScanSource currently has an average rating of “Hold” and an average price target of $46.00.
In related news, CFO Gerald Lyons sold 600 shares of ScanSource stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $44.00, for a total value of $26,400.00. Following the completion of the transaction, the chief financial officer now directly owns 12,937 shares of the company’s stock, valued at $569,228. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael L. Baur sold 13,747 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $44.00, for a total value of $604,868.00. Following the sale, the chief executive officer now directly owns 49,446 shares of the company’s stock, valued at $2,175,624. The disclosure for this sale can be found here. Insiders own 2.35% of the company’s stock.
ScanSource stock opened at $37.48 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.92 and a quick ratio of 1.08. ScanSource, Inc. has a 12-month low of $31.40 and a 12-month high of $44.40. The stock has a market capitalization of $965.66 million, a P/E ratio of 12.05 and a beta of 0.83.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, August 28th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.77. ScanSource had a return on equity of 9.23% and a net margin of 0.86%. The business had revenue of $993.90 million during the quarter, compared to analysts’ expectations of $974.20 million. During the same period in the previous year, the business posted $0.68 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, sell-side analysts predict that ScanSource, Inc. will post 3.56 EPS for the current fiscal year.
ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).
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