JPMorgan Chase & Co. Grows Position in ScanSource, Inc. $SCSC

JPMorgan Chase & Co. lifted its position in ScanSource, Inc. (NASDAQ:SCSC) by 15.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 430,267 shares of the industrial products company’s stock after purchasing an additional 58,947 shares during the period. JPMorgan Chase & Co. owned about 1.96% of ScanSource worth $18,927,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SCSC. Jacobs Levy Equity Management Inc. raised its holdings in ScanSource by 65.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 389,915 shares of the industrial products company’s stock valued at $17,152,000 after buying an additional 154,518 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in ScanSource by 7.2% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 19,168 shares of the industrial products company’s stock valued at $845,000 after buying an additional 1,291 shares during the period. Wasatch Advisors LP grew its holdings in ScanSource by 34.9% in the 3rd quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock worth $50,130,000 after acquiring an additional 294,624 shares during the last quarter. Verition Fund Management LLC grew its holdings in ScanSource by 37.4% in the 3rd quarter. Verition Fund Management LLC now owns 41,725 shares of the industrial products company’s stock worth $1,835,000 after acquiring an additional 11,368 shares during the last quarter. Finally, Polymer Capital Management US LLC purchased a new position in shares of ScanSource in the third quarter valued at about $356,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SCSC shares. Zacks Research downgraded shares of ScanSource from a “hold” rating to a “strong sell” rating in a research note on Monday, February 9th. Weiss Ratings reissued a “hold (c)” rating on shares of ScanSource in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ScanSource currently has an average rating of “Hold” and a consensus price target of $42.50.

ScanSource Stock Performance

NASDAQ:SCSC opened at $36.76 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.96 and a debt-to-equity ratio of 0.11. The firm’s fifty day simple moving average is $38.01 and its 200 day simple moving average is $40.41. The stock has a market cap of $789.60 million, a P/E ratio of 11.28, a price-to-earnings-growth ratio of 0.62 and a beta of 1.29. ScanSource, Inc. has a twelve month low of $28.75 and a twelve month high of $46.25.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, February 5th. The industrial products company reported $0.80 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.20). ScanSource had a return on equity of 9.35% and a net margin of 2.44%.The company had revenue of $766.51 million during the quarter, compared to the consensus estimate of $782.46 million. During the same quarter last year, the company posted $0.85 earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, research analysts predict that ScanSource, Inc. will post 3.33 EPS for the current year.

Insider Activity

In related news, Director Charles Alexander Mathis acquired 6,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was acquired at an average cost of $35.20 per share, for a total transaction of $211,200.00. Following the completion of the acquisition, the director directly owned 24,793 shares of the company’s stock, valued at approximately $872,713.60. This represents a 31.93% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael L. Baur sold 21,173 shares of ScanSource stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $35.76, for a total value of $757,146.48. Following the sale, the chief executive officer directly owned 161,339 shares in the company, valued at approximately $5,769,482.64. The trade was a 11.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.18% of the stock is owned by insiders.

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.