Mangrove Partners IM LLC Invests $562,000 in ScanSource, Inc. $SCSC

Mangrove Partners IM LLC bought a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) during the fourth quarter, HoldingsChannel reports. The fund bought 14,383 shares of the industrial products company’s stock, valued at approximately $562,000.

Other hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in shares of ScanSource during the second quarter worth approximately $25,000. Osaic Holdings Inc. grew its position in shares of ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after acquiring an additional 1,670 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of ScanSource by 672.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after acquiring an additional 4,032 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in shares of ScanSource by 12.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock worth $204,000 after acquiring an additional 590 shares during the last quarter. Finally, First Trust Advisors LP purchased a new position in shares of ScanSource during the third quarter worth approximately $241,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Price Performance

ScanSource stock opened at $49.27 on Wednesday. ScanSource, Inc. has a one year low of $33.76 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. The business has a fifty day moving average of $43.10 and a two-hundred day moving average of $40.38. The company has a market cap of $1.00 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 0.84 and a beta of 1.30.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The company had revenue of $758.59 million during the quarter, compared to the consensus estimate of $738.55 million. During the same quarter last year, the company earned $0.86 earnings per share. ScanSource’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, analysts predict that ScanSource, Inc. will post 3.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

SCSC has been the topic of a number of research reports. Zacks Research upgraded shares of ScanSource from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Wall Street Zen raised ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, ScanSource presently has an average rating of “Hold” and an average target price of $43.00.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.