Acadian Asset Management LLC Acquires 42,043 Shares of ScanSource, Inc. (SCSC)

Acadian Asset Management LLC lifted its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 212.2% in the third quarter, HoldingsChannel reports. The firm owned 61,860 shares of the industrial products company’s stock after purchasing an additional 42,043 shares during the quarter. Acadian Asset Management LLC’s holdings in ScanSource were worth $2,468,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Smith Graham & Co. Investment Advisors LP grew its holdings in shares of ScanSource by 3.5% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 259,737 shares of the industrial products company’s stock valued at $10,364,000 after purchasing an additional 8,898 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of ScanSource in the third quarter valued at $1,789,000. Russell Investments Group Ltd. grew its holdings in shares of ScanSource by 26.9% in the third quarter. Russell Investments Group Ltd. now owns 71,867 shares of the industrial products company’s stock valued at $2,868,000 after purchasing an additional 15,215 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of ScanSource in the third quarter valued at $209,000. Finally, Peregrine Capital Management LLC grew its holdings in shares of ScanSource by 18.3% in the third quarter. Peregrine Capital Management LLC now owns 164,528 shares of the industrial products company’s stock valued at $6,565,000 after purchasing an additional 25,463 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently weighed in on the stock. BidaskClub lowered shares of ScanSource from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Zacks Investment Research raised shares of ScanSource from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Friday. Raymond James raised their target price on shares of ScanSource from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, August 29th. Finally, ValuEngine lowered shares of ScanSource from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. ScanSource presently has a consensus rating of “Buy” and a consensus price target of $45.33.

In related news, CFO Gerald Lyons sold 600 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 12,937 shares in the company, valued at $569,228. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael L. Baur sold 13,747 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $44.00, for a total value of $604,868.00. Following the completion of the sale, the chief executive officer now owns 49,446 shares of the company’s stock, valued at $2,175,624. The disclosure for this sale can be found here. 2.35% of the stock is owned by company insiders.

SCSC stock opened at $41.38 on Friday. ScanSource, Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $44.30. The company has a quick ratio of 1.08, a current ratio of 1.85 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.05 billion, a P/E ratio of 13.31 and a beta of 0.72.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Tuesday, November 6th. The industrial products company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $972.90 million during the quarter, compared to the consensus estimate of $976.97 million. ScanSource had a return on equity of 9.57% and a net margin of 1.11%. ScanSource’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the company earned $0.76 earnings per share. Analysts predict that ScanSource, Inc. will post 3.57 earnings per share for the current year.

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About ScanSource

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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Institutional Ownership by Quarter for ScanSource (NASDAQ:SCSC)

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