Meeder Asset Management Inc. Takes $4.86 Million Position in ScanSource, Inc. $SCSC

Meeder Asset Management Inc. bought a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) in the second quarter, HoldingsChannel reports. The institutional investor bought 93,287 shares of the industrial products company’s stock, valued at approximately $4,859,000.

Several other large investors have also made changes to their positions in SCSC. Canada Pension Plan Investment Board acquired a new position in shares of ScanSource during the second quarter valued at $25,000. Royal Bank of Canada increased its position in ScanSource by 165.0% in the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after purchasing an additional 1,168 shares during the period. Osaic Holdings Inc. raised its holdings in ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after purchasing an additional 1,670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in ScanSource during the 2nd quarter worth about $134,000. Finally, Tower Research Capital LLC TRC lifted its position in ScanSource by 672.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 4,032 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

SCSC has been the topic of several recent research reports. Weiss Ratings raised shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Northcoast Research cut shares of ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $43.00.

ScanSource Trading Down 2.8%

NASDAQ SCSC opened at $51.71 on Tuesday. ScanSource, Inc. has a 12 month low of $33.76 and a 12 month high of $59.60. The stock has a 50-day simple moving average of $52.79 and a 200 day simple moving average of $44.25. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.05 billion, a PE ratio of 15.67, a P/E/G ratio of 0.83 and a beta of 1.28.

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.