Public Employees Retirement System of Ohio Boosts Stake in ScanSource, Inc. (NASDAQ:SCSC)

Public Employees Retirement System of Ohio lifted its stake in shares of ScanSource, Inc. (NASDAQ:SCSC) by 14.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,364 shares of the industrial products company’s stock after acquiring an additional 2,317 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.08% of ScanSource worth $871,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP lifted its stake in ScanSource by 948.7% during the fourth 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 last quarter. New Age Alpha Advisors LLC bought a new stake in ScanSource in the 4th quarter worth approximately $64,000. Point72 Asset Management L.P. purchased a new stake in ScanSource in the fourth quarter worth approximately $81,000. Picton Mahoney Asset Management boosted its stake in ScanSource by 50.9% in the fourth quarter. Picton Mahoney Asset Management now owns 2,246 shares of the industrial products company’s stock worth $106,000 after buying an additional 758 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in ScanSource during the fourth quarter valued at approximately $126,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SCSC has been the subject of a number of recent research reports. Northcoast Research upgraded shares of ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, May 6th. Wall Street Zen upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Monday, May 12th.

ScanSource Trading Up 3.4%

NASDAQ SCSC opened at $41.37 on Wednesday. The firm has a market cap of $934.80 million, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.14 and a beta of 1.30. ScanSource, Inc. has a 1-year low of $28.75 and a 1-year high of $53.90. The stock has a 50-day moving average of $35.42 and a 200-day moving average of $41.30. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results 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 business had revenue of $704.23 million for the quarter, compared to analysts’ expectations of $809.17 million. ScanSource had a return on equity of 8.55% and a net margin of 2.08%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. As a group, sell-side analysts forecast that ScanSource, Inc. will post 3.33 EPS for the current year.

Insider Activity at ScanSource

In other news, CFO Stephen Jones sold 2,000 shares of the company’s stock in a transaction dated 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 directly owns 69,816 shares of the company’s stock, valued at approximately $2,523,150.24. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.20% of the stock is currently owned by company insiders.

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.