Renaissance Technologies LLC Makes New Investment in ScanSource, Inc. $SCSC

Renaissance Technologies LLC bought a new stake in shares of ScanSource, Inc. (NASDAQ:SCSC) during the 1st quarter, Holdings Channel.com reports. The fund bought 21,110 shares of the industrial products company’s stock, valued at approximately $766,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SCSC. Teacher Retirement System of Texas lifted its stake in shares of ScanSource by 333.8% during the 4th quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company’s stock worth $5,978,000 after purchasing an additional 117,762 shares during the last quarter. Vanguard Group Inc. grew its stake in ScanSource by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock valued at $110,423,000 after purchasing an additional 78,993 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in ScanSource by 65.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 133,593 shares of the industrial products company’s stock valued at $5,222,000 after purchasing an additional 52,763 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in ScanSource in the first quarter valued at about $1,848,000. Finally, Fifth Third Bancorp raised its holdings in ScanSource by 12,457.4% in the first quarter. Fifth Third Bancorp now owns 25,617 shares of the industrial products company’s stock worth $930,000 after purchasing an additional 25,413 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Stock Up 1.6%

ScanSource stock opened at $53.19 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 0.83 and a beta of 1.28. ScanSource, Inc. has a 1-year low of $33.76 and a 1-year high of $59.60. The business has a fifty day moving average price of $52.72 and a 200-day moving average price of $44.16.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings raised shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $43.00.

About ScanSource

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.